New Issue: Banco Santander details $1.5 billion sale of 2.749% 10-year debt securities at par

By Devika Patel

Knoxville, Tenn., Dec. 1 – Banco Santander, SA offered further details, including the price and yield, about a $1.5 billion sale of 2.749% 10-year tier 2 subordinated debt securities (Baa2/BBB+/BBB) that priced on Monday at a spread of Treasuries plus 190 basis points, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at par to yield 2.749%.

Initial price guidance was in the Treasuries plus 230 bps area.

Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and Santander Investment Securities Inc. were the bookrunners.

Proceeds will be used for general corporate purposes.

The banking services company is based in Madrid.

Issuer:	Banco Santander, SA
Amount:	$1.5 billion
Maturity:	Dec. 3, 2030
Description:	Tier 2 subordinated debt securities
Bookrunners:	Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and Santander Investment Securities Inc.
Co-leads:	Abanca Corporacion Bancaria, SA, Bankinter, SA, Itau BBA USA Securities Inc., Rabo Securities USA Inc. and UBS Securities LLC
Coupon:	2.749%
Price:	Par
Yield:	2.749%
Spread:	Treasuries plus 190 bps
Call:	Non-callable
Trade date:	Nov. 30
Settlement date:	Dec. 3
Ratings:	Moody’s: Baa2
	S&P: BBB+
	Fitch: BBB
Distribution:	SEC registered
Price guidance:	Treasuries plus 230 bps area

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