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Bond Market News
Santander Announces Buyback of USD 4.75% Perp AT1
June 5, 2026
Banco Santander has launched a cash tender offer to repurchase up to $850mn of its 4.75% Perp AT1 bond. It has a total outstanding principal of $1bn and a first optional redemption date on 12 November 2026. The purchase price is set at $1,001 per $1,000 of nominal amount tendered. The tender offer expires on June 9 with settlement expected on June 11. In addition to the purchase price, accepted holders will receive any accrued and unpaid distributions from the last distribution payment date up to the settlement date. The rationale is to efficiently manage Banco Santander’s Tier-1 capital position and optimise its liquidity and debt maturity profile. All repurchased securities will be cancelled and will not be re-issued or resold. If valid tenders exceed the $850mn cap, acceptances will be scaled back on a pro-rata basis.
The 4.75% Perp was trading stable at 99.98, yielding 4.8%
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