Commentary & Deal Flow

Spread set at: 3yr: MS+14bp - Books > €2.3bn (incl €375m JLM's)
Book Update: Books > €2.0bn (incl €375m JLM's)
Guidance: 3yr: MS+21a

• Issuer: Banco Santander Totta S.A.
• LEI: 549300URJH9VSI58CS32
• Issuer Ratings: Baa1 (Positive) / A (Stable) / A+ (Stable) / A (Stable) (Moody's / S&P / Fitch / DBRS)
• Expected Issue Ratings: Aaa / AAA (Moody's / DBRS)
• Notes: Obrigações Cobertas - European Covered Bond (Premium)
• Form: Reg S, Nominative dematerialised book entry form
• Size: €500m
• Ranking: Covered Bond
• Currency: €
• Coupon: [●]% Fixed, Annual, Act/Act (ICMA) Following Unadjusted
• Denominations: €100,000 + €100,000
• Listing: Euronext Lisbon
• Governing Law: Portuguese law
• Docs: Banco Santander Totta, S.A. €15bn Portuguese Covered Bond Programme approved by the CMVM on 21-May-26 and supplemented from time to time
• Global Coordinator: Santander
• Joint Lead Managers: BMO Capital Markets, DZ Bank, Natixis, UBS Investment Bank and Santander
• ISIN: PTBSRWOM0026
• Timing: Books open, today's business
• Settlement: 9-Sep-26 (T+5)
• Maturity Date: 9-Sep-29
• Extended Maturity Date: 9-Sep-30
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction. Details of the fee may be available to investors upon request from your usual contact sales.
• Target Market: The manufacturer target market under MiFID II and UK MiFIR product governance is eligible counterparties and professional clients only, and all distribution channels to such investors are appropriate. No PRIIPs key information document has been prepared in the EEA and no disclosure document required under the FCA Product Disclosure Sourcebook has been prepared in the UK. Accordingly, the Covered Bonds are not intended to be offered, sold or otherwise made available to retail investors in the EEA or the UK
• Advertisement: The Base Prospectus and any applicable Supplements, when published, will be available on the CMVM (https://www.CMVM.pt)
• Books Subject: 11:30 CET / 10:30 UKT
• B&D / DM: Santander