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Spain's Santander said on Monday it plans to buy back 2.5 billion euros ($3.58 billion) in subordinated bonds with the aim of strengthening its balance sheet. The deadline for bondholders to accept the offer is January 19 and payment will be made on January 22, Spain's biggest bank said in a statement to the stock market regulator CNMV.
The funds to pay the bondholders will be from the bank's "disposable liquidity," it said. The buyback price ranges between 93 percent and 107.5 percent of the nominal value of the bonds, which are listed on the Luxembourg and London markets and belong to 11 different series issued by various Santander units.

Copyright Reuters, 2010

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