trending Market Intelligence /marketintelligence/en/news-insights/trending/_iGmnGCGvCVqKkuWlmEQ0g2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Santander sells €1.5B in CoCo bonds

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments

Santander sells €1.5B in CoCo bonds

Banco Santander SA placed €1.5 billion in Additional Tier 1 bonds and announced plans to redeem another €1.5 billion contingent convertible bonds, or CoCos, callable March 12.

The Spanish bank said Jan. 9 that the new CoCo bonds carry an annual coupon of 4.375% for the first six years, after which it will be reviewed every five years by applying a margin of 453.4 basis points on the five-year midswap rate.

The CoCos are perpetual but could be called under certain circumstances and would be converted into newly issued ordinary shares in Santander if the group's common equity Tier 1 ratio were to fall below 5.125%. As of Sept. 30, 2019, the bank's consolidated CET1 ratio was 11.30%.

The CoCos to be redeemed early were issued in 2014. The bonds were callable in February 2019 but the bank chose not to do so then, causing consternation on the debt markets.