Banco Popular's Riskiest Notes Collapse on Santander Sale: Chart

Santander's Botin Says No Pressure to Do Popular Deal

Banco Popular Espanol SA’s riskiest debt tumbled to almost zero cents after Banco Santander SA agreed to buy the troubled lender for a nominal amount. All of Popular’s junior bonds will be wiped out as part of the deal, including its additional Tier 1 notes. That marks the first write-off of AT1s industrywide since regulators developed the bonds in the wake of the financial crisis as part of efforts to transfer risk to investors from governments.

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