Commentary & Deal Flow

Launched:
Long 3yr: €1.25bn @ MS+14bp - Books > €2.25bn (incl. €550m JLMs)
Long 6yr: €1bn @ MS+28bp - Books > €1.85bn (incl. €475m JLMs)
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:
  • Long 3yr: €1.25bn
  • Long 6yr: €1bn
• 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.