Banco Santander Buys Back $701.6 Million of AT1 Dollar Securities in Tender Offer
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Banco Santander ( (ES:SAN) ) just unveiled an announcement.
Banco Santander has completed a cash tender offer for its U.S. dollar-denominated 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 securities, accepting all $701.6 million of notes validly tendered by investors. The repurchased Additional Tier 1 securities, bought at 100.1% of nominal value, will be cancelled, leaving $298.4 million outstanding and further optimizing the bank’s capital structure.
The offer, capped at a maximum of $850 million, did not require proration as tenders came in below the ceiling, and settlement is expected on June 11, 2026. By reducing the volume of these high-trigger capital instruments, Santander fine-tunes its regulatory capital mix while signaling continued access to U.S. dollar funding markets and active balance sheet management to investors.
More about Banco Santander
Banco Santander is a global banking group headquartered in Spain with a significant presence in retail and commercial banking, corporate and investment banking, and wealth management. The bank operates across Europe and the Americas and actively manages its capital structure through instruments such as Additional Tier 1 securities to meet regulatory and funding objectives.
Learn more about SAN stock on TipRanks’ Stock Analysis page.
