Book size: 2220; Registration: Reg S Only; Comments: EUR1.25bn 3.25yr cpn 2.375% at 99.714, yld 2.470%. Spread: MS+16bps/B+29.5bps. OBL 2.1% 04/12/29 #189 @ 99.77 (HR 101%). LEI: PTCQB104N23FMNK2RZ28;
Book size: 1780; Registration: Reg S Only; Comments: EUR1bn 7yr cpn 2.875% at 99.726, yld 2.919%. Spread: MS+30bps/B+36.5bps. DBR 2.3% 02/15/33 TWIN @ 98.39 (HR 99%). LEI: PTCQB104N23FMNK2RZ28;
Deal Comments
Reoffer: 3.25yr: MS+16bp / 99.714 / 2.470% 7yr: MS+30bp / 99.726 / 2.919%
Benchmark: 3.25yr: OBL 2.1% 12-Apr-29 #189 @ 99.77 (HR 101%) 7yr: DBR 2.3% 15-Feb-33 TWIN @ 98.39 (HR 99%)
3.25yr: Final Books €2.22bn+ (incl. €100m JLM). Peak book €2.6bn+ (pre-rec, incl. €100m JLM)
7yr: Final Books €1.78bn+ (incl. €100m JLM). Peak book €1.9bn+ (pre-rec, incl. €100m JLM)
Launched: 3.25yr: €1.25bn @ MS+16bp 7yr: €1bn @ MS+30bp
Spread set at: 3.25yr: MS+16bp - Book €2.6bn+ (pre-rec, incl. €100m JLM) 7yr: MS+30bp - Book €1.9bn+ (pre-rec, incl. €100m JLM)
Book Update: Combined books €3.2bn+ (incl. €200m JLM)
Guidance: 3.25yr: MS+23a 7yr: MS+37a
Issuer: Santander UK plc (LEI#: PTCQB104N23FMNK2RZ28)
Ticker: SANUK
Guarantor: Abbey Covered Bonds LLP
Form of Note: Reg S Bearer / NGN Format
Format: UK Regulated Covered Bond backed by 100% prime UK residential mortgages
Expected Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
Size:
3.25yr: €1.25bn
7yr: €1bn
Pricing Date: 10-Feb-26
Settlement Date: 17-Feb-26 (T+5)
Final Maturity Date:
3.25yr: 12-May-29 (3.25 years, soft bullet)
7yr: 12-Feb-33 (7 years, soft bullet)
Coupon:
3.25yr: 2.375%, Fixed, Annual, Act/Act (ICMA), short first coupon
7yr: 2.875% Fixed, Annual, Act/Act (ICMA), short first coupon
Reoffer:
3.25yr: MS+16bps / 2.470% / 99.714% / B+29.5bps
7yr: MS+30bps / 2.919% / 99.726% / B+36.5bps
Benchmark:
3.25yr: OBL 2.1% 12-Apr-29 #189 @ 99.77 (HR 101%)
7yr: DBR 2.3% 15-Feb-33 TWIN @ 98.39 (HR 99%)
Denomination: EUR 100k + 1k up to EUR 199k
Listing/Governing Law: London Stock Exchange (Main Market) /English
Documentation: Santander UK plc €35,000,000,000 Global Covered Bond Programme base prospectus dated 21 March 2025 and supplemental prospectuses each dated 30 April 2025, 30 July 2025, 29 August 2025, and 4 February 2026 (together, the “Base Prospectus”)
Global Coordinator: Santander
Joint Lead Managers: ABN AMRO, Crédit Agricole CIB, Danske Bank, LBBW, Lloyds, Santander (B&D) & UniCredit
Fee: The JLMs will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
ISIN:
3.25yr: XS3295866779
7yr: XS3295866183
Timing: Priced. TOE: 14.51 UKT / 15.51 CET. FTT: 15.15 UKT / 16.15 CET
Target Market: MiFID II /UK MiFIR professionals/ECPs-only / No EU PRIIPs or UK PRIIPs KID – Manufacturer target market (EU MiFID II / UK MiFIR) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or UK
Advertisement: The Base Prospectus is available, and the Final Terms, when published, will also be available via: https://www.santander.co.uk/about-santander/investor-relations/santander-uk-covered-bonds