February 12, 2019 / 4:54 PM / 8 days ago

Banco Santander opts to roll-over Coco bond

MADRID, Feb 12 (Reuters) - Banco Santander on Tuesday opted not to call a 1.5 billion euros ($1.70 billion) bond once the deadline expired, becoming the first European lender not to redeem this kind of hydrid debt that can be converted into equity.

“When making call judgments we have an obligation to assess the economics and balance the interests of all investors. We will continue to monitor the market closely and will seek to exercise call options where we believe it is right to do so,” Santander said in a statement.

Santander’s contingent convertible (Coco) was eligible to be called on Tuesday and recent confusion over whether the Spanish lender would redeem the bond had caused wild swings in the bond’s price.

$1 = 0.8857 euros Reporting By Jesús Aguado Editing by Ingrid Melander

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