By Rebecca Melvin
Concord, N.H., May 17 – Banco Santander SA sold $1.5 billion of senior preferred fixed-rate notes and $650 million senior preferred floating-rate notes, both due in two years, according to an FWP filed with the Securities and Exchange Commission.
The notes (expected ratings: A2/A+/A) priced on Monday.
The series 153 notes priced with a fixed coupon of 3.892% at par for a yield spread of Treasuries plus 130 basis points.
The series 156 floaters priced at par and float at compounded SOFR plus 124 bps.
Santander Investment Securities Inc. is the global coordinator for both tranches.
Barclays, Goldman Sachs Bank Europe SE, RBC Capital Markets LLC, Santander Investment Securities, TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.
Co-leads are American Veterans Group, PBC, Banco de Sabadell SA, Blaylock Van LLC, Caixa-Banco de Investimento SA, CIBC World Markets Corp., Scotia Capital (USA) Inc. and UBS Securities LLC.
The banking services company is based in Madrid.
| Issuer: | Banco Santander, SA
|
| Amount: | $2.15 billion
|
| Maturity: | May 24, 2024
|
| Bookrunners: | Barclays, Goldman Sachs Bank Europe SE, RBC Capital Markets LLC, Santander Investment Securities Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-leads: | American Veterans Group, PBC, Banco de Sabadell SA, Blaylock Van LLC, Caixa-Banco de Investimento SA, CIBC World Markets Corp., Scotia Capital (USA) Inc. and UBS Securities LLC
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Davis Polk & Wardwell LLP
|
| Counsel to underwriters: | Uria Menendez Abogados, slp and Linklaters LLP
|
| Pricing date: | May 16
|
| Settlement date: | May 24
|
| Expected ratings: | Moody’s: A2
|
| S&P: A+
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Fixed-rate notes
|
| Amount: | $1.5 billion
|
| Issue: | Senior preferred fixed-rate notes
|
| Coupon: | 3.892%
|
| Price: | Par
|
| Yield: | 3.892%
|
| Spread: | Treasuries plus 130 bps
|
| Cusip: | 05971KAM1
|
|
|
| Floating-rate notes
|
| Amount: | $650 million
|
| Issue: | Senior preferred floating-rate notes
|
| Coupon: | SOFR plus 124 bps
|
| Price: | Par
|
| Yield: | SOFR plus 124 bps
|
| Cusip: | 05971KAN9
|
|
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