AT1 securities

MADRID: Banco Santander, S.A. said Wednesday it has begun a cash tender offer to purchase up to $850 million of one series of its outstanding U.S. dollar-denominated Additional Tier 1 (AT1) securities. The offer covers the bank’s 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities, with a principal amount outstanding of $1 billion. The securities carry…