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Santander raises €1.5B in CoCo bonds

Spain-based Banco Santander SA issued €1.5 billion of contingent convertible bonds via an accelerated bookbuilding process.

The notes carry an annual coupon of 4.75% through the first seven years, after which it will be reviewed every five years by applying a margin of 409.7 basis points on the five-year euro midswap rate.

The bonds would be converted into newly issued ordinary shares in Santander if its common equity Tier 1 ratio falls below 5.125%, the bank said March 12, noting that as of Dec. 31, 2017, its phased-in CET1 ratio was 12.26%.