Santander Brasil goes tight on Basel III hybrid

Santander Brasil goes tight on Basel III hybrid

Bonds

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 its intentions last year, it said it would likely offer a coupon of 9% to 10% on the tier one, and 7.5% to 9% on the tier two. O

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