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Thursday, February 2, 2023
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Linklaters advises Santander on €5bn debt issue

Linklaters has advised Santander on the issue of €5 billion in senior preferred debt in three tranches, the largest senior preferred debt operation issued by a financial institution in euros since 2009

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Santander closes the largest senior preferred debt issue in euros since 2009 for €5 billiion

Banco Santander has closed an issue of €5,000 millio in senior preferred debt in three tranches with maturities of two, three and five years.

The issue was oversubscribed by €7.5 billion. In addition, it is the largest senior preferred debt operation issued by a financial institution in euros since 2009, when Rabobank placed this type of bond for €5 billion.

The first two-year tranche will pay a quarterly floating rate coupon at a price of three-month Euribor plus 55 basis points, lower than the 80 basis points starting price. The second three-year tranche will pay an annual fixed-rate coupon of 80 basis points over midwsap, after the exit price was reduced from the range of 100 to 105 basis points. The third tranche will have a five-year maturity and a fixed annual coupon priced at a spread of 110 basis points over midswap. It started with a price of midswap plus a range of 130 to 135 basis points.

Linklaters advised with a team made up of partners Jorge Alegre and Federico Briano, together with managing associates Pablo Ruiz de Assin and Yiannis Kyriakides and junior associate Luis Rodrigo.

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