Santander Brasil goes tight on Basel III hybrid
Santander Brasil’s offer to shareholders to subscribe hybrid bonds or subordinated debt has come at a lower yield than it signaled when it flagged the capital optimization deal in September. The Baa2/BBB/BBB rated Brazilian lender is offering a 7.375% tier one perpetual instrument and a 6% 10 year non-call five subordinated tier two bond. When Santander first indicated...
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