Morningstar

Santander Issues $1.5 Billion in Convertible Bonds

Provided by Dow Jones May 28, 2026, 5:26:00 AM

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 adria.calatayud@wsj.com

(END) Dow Jones Newswires

May 28, 2026 01:26 ET (05:26 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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