Im not sure how many Santander may have purchased but 60% wouldn't surprise me. If you track the AT1 market you will notice that yields here have tightened back levels prior to pre Credit Suisse AT1 write down earlier this year which spooked the market.
BBVA issued AT1 this week at 8.375% and I would suspect Santander could issue at similar levels. At current yields Santander would be wise to replace these non capital qualifying prefs with new AT1 issuance. If I were in their treasury dept I would be quietly mopping up 8.625 and 10.375 prefs at the market price with a view to replace with a qualifying AT1 new issue.
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Santander SAN & SANB
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