Edition 1450
18 November 2017
Edition: 1450

Read this week's issue online exactly as it appears in print.

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Santander offers loyalty bonds to Popular shareholders

by TPN/ Lusa, in News · 13-09-2017 07:12:00 · 0 Comments

Spanish bank Santander is going to issue perpetual bonds that small shareholders and bondholders from Banco Popular can subscribe without paying anything, as long as they stop their legal suits.

Santander offers loyalty bonds to Popular shareholders

 

The proposal is part of the bond issue that starts on Wednesday and continues until 7 December.

 

The Spanish market supervisor said investors in Banco Popular can buy these “loyalty bonds” from Santander for free if they accept to drop their legal actions against Banco Santander, Popular and its branches.

 

The company are private investors who can take up the offer are those that participated in the last capital increase of Banco Popular earlier this year before the resolution, but it does not include institutional investors and subordinated bondholders.

 

These bonds offer anual interest of 1% on the face value for the first seven years, paid quarterly. After the seventh year, the yield is calculated in a more complex way based on financial swap agreements.

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Edition 1450
18 November 2017
Edition: 1450

Read this week's issue online exactly as it appears in print.

Twitter

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