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Santander to redeem 7.037% step-up callable perpetual reserve capital instruments
Chicago, Dec. 30 – Santander UK plc will redeem its £300 million 7.037% step-up callable perpetual reserve capital instruments (ISIN: XS0124569566), according to an announcement.
On Dec. 31, the instruments will no longer be recognized as tier 1 capital.
Furthermore, the reserve capital instruments cannot be exchanged into upper tier 2 securities.
Therefore, Santander intends to exercise the regulatory call and redeem all of the outstanding instruments at par with any outstanding payments on Feb. 14, the next coupon payment date.
Formal notice will be given after Dec. 31.
Santander UK is a London-based financial services company.
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