Commentary & Deal Flow

Santander UK PLC (SANUK) exp Baa1/BBB/A US$2.75bn SEC registered 3-part sr notes (4nc3 fixed to floating and/or FRN due 9/22/29 and 11nc10 fixed to floating due 9/22/36). Par call: 1year prior to maturity (9/22/28 and 9/22/35). Sant (B&D) as sole global coordinator. JBRs: 4nc3 tranches: JEFF/JPM/MS/Sant/TD/WFS; 11nc10: Citi/JEFF/JPM/MS/Sant/WFS. Coupon: 4nc3 FTF: [●]%, Fixed rate semi-annual 30/360 until the Optional Redemption Date, then from (and including) September 22, 2028 to (but excluding) the Maturity Date, the interest rate on the notes will be equal to the USD Compounded SOFR Index Rate plus [●]% per annum, quarterly act/360; 4nc3 FRN: Base Rate plus the spread of [●] basis points per annum act/360, subject to a minimum interest rate of 0%, payable quarterly in arrears for each quarterly Interest Period from, and including, September 22, 2025 to, but excluding, the Maturity Date; 11nc10: [●]%, Fixed rate semi-annual 30/360 until the Optional Redemption Date, then from (and including) September 22, 2035 to (but excluding) the Maturity Date, the interest rate on the notes will be equal to the USD Compounded SOFR Index Rate plus [●]% per annum, quarterly act/360. Denoms: 200,000 x 1,000. Sale into Canada: Yes - Exemption. Listing: will be made to list the Notes on the NYSE in accordance with its rules. Governing Law: New York. UOP: gcp. Pricing 9/15. Settle 9/22 (T+5). CUSIP / ISIN: 4nc3 FRN: 80281LAW5 / US80281LAW54, 4nc3 FTF: 80281LAX3 / US80281LAX38; 11nc10: 80281LAY1 / US80281LAY11.

IPTs: 4nc3 T+110 area and SOFR equiv, 11nc10 T+140 area.

GUIDANCE: 4nc3 T+82# and SOFR equiv, 11nc10 T+110#.

LAUNCHED:
$400m 4nc3 FRN at SOFR+107.
$1.35bn 4nc3 FTF at T+82.
$1bn 11nc10 at T+110.