Commentary & Deal Flow

Book Update: Books > US$2bn+ (excl. JLM)
Guidance: 3yr: SOFR MS+42a

• Issuer: Santander UK plc
• LEI: PTCQB104N23FMNK2RZ28
• Ticker: SANUK
• Guarantor: Abbey Covered Bonds LLP
• Series: 98
• Form of Notes: Reg S / TEFRA D / Registered / 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: US$ Benchmark
• Pricing Date: 01-Sep-26
• Settlement Date: 09-Sep-26 (T+5)
• Final Maturity Date: 12-Sep-29 (3 years, soft bullet)
• Coupon: Fixed, Semi-Annual, 30/360 (not adjusted), long first coupon
• Guidance: SOFR Mid swaps + 42bps area
• Denomination: US$200k + US$1k
• Listing / Governing Law: London Stock Exchange (Main Market) / English
• Documentation: Santander UK plc €35,000,000,000 Global Covered Bond Programme prospectus dated 17-Mar-26 and Supplemental Prospectuses dated 01-May-26, 08-May-26, 05-Jun-26, 22-Jul-26 and 07-Aug-26 (together, the “Base Prospectus”)
• Global Coordinator: Santander
• Joint Lead Managers: BMO Capital Markets, RBC Capital Markets, Santander (B&D), Standard Chartered Bank, TD Securities
• 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: XS3492392488
• Timing: Books open, today's business
• Target Market: MiFID II /UK MiFIR professionals/ECPs-only / No EU PRIIPs KID or UK disclosure document – Manufacturer target market (EU MiFID II / UK MiFIR) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document 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