Markets Old Articles
Forever Instruments, Maybe Equity, Never Defaulted? AT1 Instruments and the Santander Case
Introduction On Tuesday (Feb 12, 2019), right at the deadline for the decision to be made, Banco Santander announced that it had decided not to repay its outstanding €1.5bn CoCo bonds. CoCo bonds are hybrid securities mostly belonging to Additional Tier 1 capital, introduced by regulators in the wake of Read more…