Spanish bank Santander to issue 2.5bn euros in CoCo bonds

The terms and price of the deal have not yet been set, Reuters reports. These types of securities usually convert into shares or are wiped out if a bank’s equity capital falls below a set level.

Santander has already issued similar CoCo bonds earlier this year, a way to reinforce its capital base ahead of European banking health tests in the coming months.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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