European CoCo market

Santander, the first European bank that will not redeem its issue of CoCos

Santander “Shocks” The Market: Becomes The First European Bank That Will Not Redeem Its Issue Of CoCos

On Tuesday Banco Santander announced that it will not exercise the repurchase of its contingent convertible bonds (CoCos) – the AT1 – of 1.5 billion euros and coupon of 6.25%. The bank, which referred to financial reasons, had already warned in its presentation of results that it would only make the call if conditions were adequate.