Santander to redeem €1.2bn and $3.8bn covered bonds

Spanish bank Santander revealed Wednesday plans to redeem two series of export finance covered bonds on October 19, according to a press release. The redemption process involves Series 2 and Series 3, with combined face values of €1.2 billion and $3.8 billion, respectively. Both series were set to mature in October 2027. The redemption will impact 12,000 bonds in Series 2 and 19,000 bonds in Series 3.

Each bond in Series 2 has a nominal value of €100,000, and each bond in Series 3 carries a $200,000 face value. Santander stated that all the bonds to be redeemed are currently owned by the issuer. The redemption date is coincidentally the same as the next coupon payment date, according to standard business day conventions. The Spanish bank submitted the details to Spain’s National Securities Market Commission.

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