GeneralNeutralCrypto Briefing · 3h ago6/10
📰
Banco Santander and NatWest sell record AT1 bonds with 10-year calls, locking in cheap capital
Banco Santander and NatWest have issued record AT1 (Additional Tier 1) bonds with 10-year call dates, allowing banks to lock in favorable borrowing costs while deferring refinancing decisions. This trend of extended call periods reflects banks' strategy to secure cheap capital in uncertain market conditions, though it shifts refinancing risk onto future periods and extends uncertainty for bond investors.
