Santander Issues $1.5 Billion in Convertible Bonds

By Adria Calatayud

Banco Santander said it completed an issue of $1.5 billion in financial instruments contingently convertible into shares.

The Spanish bank said late Wednesday that the instruments would be eligible as additional Tier 1 capital, or AT1.

The instruments are perpetual, but might be converted into newly issued shares in Santander if the group's common equity Tier 1 ratio--a measure of a bank's capital strength--falls below a certain level, it said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

05-28-26 0126ET