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Santander Brasil Preps for Basel III with Hybrid Plans

Sep 30, 2013

Santander Brasil plans to swap BRL6bn ($2.67bn) of equity for hybrid capital and subordinated debt, reducing its cost of capital as Basel III rules come into effect in Brazil. The bank will pay a BRL6bn dividend, it says, and offer shareholders an equivalent amount in a hybrid instrument that complies with Basel III rules for additional tier 1 capital (AT1), and a tier 2 bond. The AT1 note will be a perpetual NC5 instrument that will convert into...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management