In Unprecedented Move, Santander Declines To Redeem $1.7 Billion CoCo Bond Issue | WHAT REALLY HAPPENED


In Unprecedented Move, Santander Declines To Redeem $1.7 Billion CoCo Bond Issue

Banco Santander SA has earned its "special place in markets hell" - as Bloomberg columnist Marcus Ashworth termed it. Shares of Santander erased and earlier gain and closed lower on Tuesday after the bank confirmed anxious bondholders fears by affirming that it would refuse to exercise a call option on a €1.5 billion ($1.7 billion) issue of Additional Tier 1s - better known as contingent convertible, or CoCo - bonds.

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