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Banco Santander Call-Option Volume Jumps Before Spain’s Auction

Banco Santander SA call option trading increased to a four-month high in the U.S. amid bets the Madrid-based bank will rally after Spain sells bonds tomorrow.

More than 8,900 calls to buy American depositary receipts on Spain’s biggest bank changed hands as of 12:03 p.m. New York time, quadruple the four-week average and 3.6 times the number of puts to sell. The ADRs rose as much as 7.9 percent, the most since July 7, to $10.38. Almost all of the bullish volume was concentrated in December $10 calls and January $11 calls.

Spain plans to sell between 1.75 billion ($2.3 billion) and 2.75 billion euros of three-year notes, with similar-maturity debt trading at a yield of 4.12 percent, the most since Sept. 2008 and almost four times German securities. With Spain’s borrowing costs surging and the country fully funded for this year, Finance Minister Elena Salgado said on Nov. 26 that the Treasury would sell less than initially planned at the auction.

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