The document discusses hybrid bonds, specifically CoCos, issued by BBVA and Santander. It highlights the capital ratios and trigger levels for these bonds, the discretionary nature of the coupons, and the incentive for issuers to call the bonds due to potential coupon step-ups. The focus is on 'yield to call' rather than 'yield to maturity'.
doj/DataSet10/EFTA01453133.pdf
{"key_people":["Tazia Smith"],"document_type":"correspondence","key_locations":["New York, NY"],"document_subtype":"memo","key_organizations":["BBVA","Santander","Deutsche Bank Securities, Inc.","Deutsche Asset & Wealth Management"],"reference_numbers":["DB-SDNY-0110580","SDNY_GM_00256764","EFTA01453133"]}