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Commentary & Deal Flow

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Banco Santander SA

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Banco Santander SA

by Oleksandr Vynychuk

Sep 21, 2026 6:29 AM ET

UPDATE: Banco Santander € bmk Long 3yr & Long 6yr CB; Spread set at MS+14#bp & MS+28#bp

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
Banco Santander, S.A.	Long 3yr	28-Dec-29	bmk	CB	Fixed	XS3512873145	MS+19a	MS+14#
Banco Santander, S.A.	Long 6yr	28-Dec-32	bmk	CB	Fixed	XS3512873491	MS+32a	MS+28#

Spread set at: Long 3yr: MS+14#bp - Books > €2bn (€550m JLMs) Long 6yr: MS+28#bp - Books > €1.75bn (€475m JLMs)
Book Update: Combined books > €3.4bn (incl. €1bn JLMs)
Guidance: 3yr: MS+19a 6yr: MS+32a

Issuer: Banco Santander, S.A.
Ticker: SANTAN
LEI: 5493006QMFDDMYWIAM13
Issuer Ratings: A1 (Stable) / A+ (Stable) / A+ (Stable) (Moody's/S&P/Fitch)
Expected Issue Rating: Aaa (Moody's)
Notes: Cédulas Hipotecarias (European Premium Mortgage Covered Bonds)
Form: Reg S bearer form
Size: € Benchmark (each tranche)
Global Coordinator: Santander (B&D)
Joint Lead Managers: Barclays, BofA Securities, Danske Bank, ING, J.P. Morgan, NatWest, NORD/LB, RBC Capital Markets, Santander and UBS Investment Bank
Settlement: 28-Sep-26 (T+5)
Maturity:
- 3yr: 28-Dec-29 (long 3-year Soft Bullet)
- 6yr: 28-Dec-32 (long 6-year Soft Bullet)
Coupon: Fixed, Annual, ACT/ACT ICMA
Denominations: €100,000 (+ €100,000)
Listing: AIAF (Madrid)
Governing Law: Spanish Law
Doc: Issuer's €55bn Base Prospectus of Mortgage Covered Bonds, Public Sector Covered Bonds and Export Finance Covered Bonds (European Covered Bonds (Premium)) 2026, approved by the CNMV on 6-Aug-26, and the Issuer's Universal Registration Document, approved by and registered with the CNMV on 24-Mar-26.
ISIN:
- 3yr: XS3512873145
- 6yr: XS3512873491
Schedule: Book open, today's business.
Books to Close: 12:45 CET / 11:45 UKT
Fees: The Joint Lead Managers will be paid a fee in connection with the transaction.
Target Market: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as the covered bonds will not be available to retail investors in the EEA or in the UK.
Advertisement: The Base Prospectus, the Universal Registration Document, any applicable Supplements and the Final Terms, when published, will be available on the CNMV website.