On February 12, Banco Santander did not call a perpetual instrument that many in the market had expected it not to call. The price of those bonds briefly dipped from their pre-announcement level of 98.7 cents to just below 97c but had recovered to 98.367c by the following day.
On paper, this doesn’t look like much of a story. But this is the subordinated debt market, which does not react well to things not panning out exactly as expected.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
