Portugal's Banco Santandar Totta has hopped on the buyback bandwagon, announcing a tender for its RMBS.

The three bonds targetted are part of its Hipototta program and add up to current amount outstanding of €2.24 billion ($2.92), according to Barclays Capital. A statement from Santander Totta estimated the original amount of the bonds at a combined €5.4 billion. 

"The Offers are being made as part of BST’s management of its balance sheet and capital structure," the originator added.

ASR covered the buyback frency among European banks in its March issue. 


The tender expires on March 23. Barclays said it was difficult to ascertain the appeal of the minimum prices offered given that the secondary market for these bonds was illiquid. However there did appear to be something of a premium, Barclays said.

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