New Issue: Santander sells $1.25 billion 1.625% bonds due 2023 to yield mid-swaps plus 28 bps

By Cristal Cody

Tupelo, Miss., Feb. 4 – Santander UK plc priced $1.25 billion of 1.625% covered bonds due Feb. 12, 2023 (Aaa/AAA/AAA) on Tuesday at mid-swaps plus 28 basis points, or a Treasuries plus 30.7 bps spread, according to a market source.

Initial price talk was in the mid-swaps plus 30 bps area.

Bookrunners included Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., RBC Capital Markets LLC, Santander Investment Securities Inc. and TD Securities (USA) LLC.

The financial services company is based in London.

Issuer:	Santander UK plc
Amount:	$1.25 billion
Description:	Covered bonds
Maturity:	Feb. 12, 2023
Bookrunners:	Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., RBC Capital Markets LLC, Santander Investment Securities Inc. and TD Securities (USA) LLC
Coupon:	1.625%
Spread:	Mid-swaps plus 28 bps, or Treasuries plus 30.7 bps
Trade date:	Feb. 4
Ratings:	Moody’s: Aaa
	S&P: AAA
	Fitch: AAA
Price guidance:	Mid-swaps plus 30 bps area

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