Santander Cuts Sale of Riskiest Bonds to 1.5 Billion Euros

Banco Santander SA cut a sale of the riskiest bank bonds to 1.5 billion euros ($2 billion) after saying it planned to issue as much as 2.5 billion euros.

Spain’s largest lender sold contingent capital notes that were priced to yield 6.25 percent, according to data compiled by Bloomberg. The bonds convert to equity if the bank’s capital ratio falls below 5.125 percent of assets weighted by risk, a person familiar with the deal said.