Entities shy away from placing CoCos and subordinated debt, but Santander, BBVA and Sabadell need them if they want to meet their financing plans for 2022.
There are only 14 European banks that have jumped this year into the riskier debt waters of the financial sector with issues of Additional Tier 1 bonds (known as AT1 or CoCos) and none of them is based in Spain. no names either
