Spanish lender Banco Santander SA announced today that it would buy back €16.5 billion ($23.6 billion) of its fixed-rate securities at a discounted rate.

The bank said in a release that it would pay cash at a rate of between 0.61 cents and 95.5 cents on the dollar for a total of 27 different notes issued by securitization funds managed by one of its subsidiaries.

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