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Report: Santander issues $2.5B of nonpreferred senior bonds

Banco Santander SA has placed $2.5 billion of nonpreferred senior bonds in an issuance that was more than two times oversubscribed, Europa Press reported April 5.

The bonds are eligible for the total loss absorbing capacity (TLAC) standard, which requires global systemically important banks such as Santander to strengthen their capital ratios.

The bonds were broken down into three tranches — two five-year bonds totaling $1.5 billion and one 10-year bond at $1 billion, Europa Press said. A majority of U.S. investors signed up for the bonds, it added.