PARIS, March 13 Spanish bank Santander
may sell more bonds this year that can convert into equity if it
hits trouble, in order to meet long-term plans aimed at
strengthening banks' balance sheets, its finance director said
Chief Financial Officer Jose Antonio Alvarez said the bank
aims to sell 6 billion euros more additional Tier 1 bonds over
the next few years, after selling 1.5 billion euros of the bonds
"We will look at the market, in the next 3 or 4 years we
need to issue 7.5 billion, so one or two sales per year is
possible," Alvarez told journalists on the sidelines of a
banking conference in Paris.
AT1 bonds, dubbed "CoCos" or contingent convertible capital,
either convert into shares or are wiped out if a bank's capital
falls below a set level.
(Reporting by Maya Nikolaeva; Editing by Steve Slater)