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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
SANTAN
Banco Santander SA€2,250
2EMEA
Sep 21, 2026
currency
EUR
size (m)
1,250.000
maturity
Dec 28, 2029
type
Fixed
tenor
3.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
-
re-open/tap
No
ipt
-
ipt-pxd
-5
guidance
MS+19 area
spread
14
coupon
3.50%
spread set
-
price
99.64100
yield
3.623%
book size (m)
2,200
peak book (m)
2,250
x-covered
1.76
book attrition
-0.02%
nic
0
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,250
x-covered
1.76
book attrition
-0.02%
nic
0
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,000.000
maturity
Dec 28, 2032
type
Fixed
tenor
6.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
-
re-open/tap
No
ipt
-
ipt-pxd
-4
guidance
MS+32 area
spread
28
coupon
3.625%
spread set
-
price
99.36500
yield
3.743%
book size (m)
1,850
peak book (m)
1,850
x-covered
1.85
book attrition
0.00%
nic
1
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,850
peak book (m)
1,850
x-covered
1.85
book attrition
0.00%
nic
1
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; Registration: Reg S Only; Comments: OBL 2.40% 10/11/2029 + 38.9bps ( 97.90%) HR:107%. Listing: AIAF (Madrid). LEI: 5493006QMFDDMYWIAM13; Book size: 1850; Registration: Reg S Only; Comments: DBR 2.50% 11/15/2032 + 42.3bps (95.50%) HR:103%. Listing: AIAF (Madrid). LEI: 5493006QMFDDMYWIAM13;
Deal Comments
Combined books >EUR3.4bn (incl. EUR1bn JLMs)
Relative Value

Covered
L 3yr (Dec 2029) @ MS+19a
Implied Spread for fresh L 3yr @ MS+14
Priced at MS+14
NIC of 0

Covered
L 6yr (Dec 2032) @ MS+32a
Implied Spread for fresh L 6yr @ MS+27
Priced at MS+28
NIC of +1


COMPS

Tenor

Issue

I-Spd

Size

Rating

2.8 YR

SANTAN 2 3/8 07/14/29

11

1.25 Bn

Aaa/na/AAA

3.3 YR

SANTAN 3 3/8 01/11/30

12

1.00 Bn

Aaa/na/AAAu

6.0 YR

SANTAN 2 3/4 09/08/32

21

1.25 Bn

Aaa/na/AAAu

3.0 YR

TOTTA 3 3/8 09/09/29

12

0.50 Bn

Aaa/na/na

5.0 YR

SABSM 3 3/8 09/10/31

22

0.75 Bn

Aaa/na/na

6.8 YR

BBVASM 3 1/8 06/23/33

25

1.00 Bn

Aaa/na/n