Commentary & Deal Flow

Final books above €2.45bn (incl. €120m JLM). Peak book above €2.5bn (incl. €100m JLM)

Spread set at: 5yr: MS+23bp - Books above €2.5bn (incl. €100m JLM)
Book Update: Books above €1.75bn (excl. JLM)
Guidance: 5yr: MS+29a

• Issuer: Banco Santander, S.A.
• ISIN: ES04139000F6
• LEI: 5493006QMFDDMYWIAM13
• Issuer Ratings: A1/A+/A (Moody's/S&P/Fitch)
• Expected Issue Rating: Aaa (Moody's)
• Notes: Cédulas de Internacionalización (European Premium Covered Bonds)
• Form: Reg S Dematerialised book-entry form (anotaciones en cuenta)
• Settlement: 28-Apr-26 (T+5)
• Maturity: 28-Apr-31 (5-year Soft Bullet)
• Currency / Size: €500mn (WNG)
• Spread: MS+23bps
• Benchmark: OBL 2.500% 28-Apr-31 / HR 99.3%
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Denominations: €100k + €100k
• Listing: AIAF (Madrid)
• Governing Law: Spanish law.
• Doc: Spanish language documentation (the Issuer's EUR 55bn Base Prospectus of Mortgage Covered Bonds, Public Covered Bonds and ECA Covered Bonds (European Premium Covered Bonds) 2025, approved by the CNMV on 29-Jul-25, and the Issuer's Universal Registration Document, approved by the CNMV on 24-Mar-26).
• Global Coordinator: Santander (B&D)
• Joint Lead Managers: Crédit Agricole CIB, DZ BANK, ING, Santander (B&D) and UniCredit
• Timing: Allocations available, pricing to follow.
• Hedge Deadline: 13:25 CET / 12:25 UKT
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction.
• Target Market: Manufacturers target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or UK.
• Advertisement: The Base Prospectus, the Universal Registration Document, any applicable Supplements, and the Final Terms, when published, will be available on the CNMV (https://www.cnmv.es/portal/home).