Banco Santander has launched a dual-tranche SEC Registered Senior transaction consisting of a $1.25 billion Senior Preferred 3-year bullet and $1.5 billion Senior Non Preferred six-year 6NC5.
According to Silvana Borgatti, head of Finance at Banco Santander: “On the back of positive backdrop with a market that has been ruled by small windows due to the current geopolitical tensions, Banco Santander decided to use the current one to keep on complying with its funding plan. We received an overwhelming response from the investor base on the SNP tranche: $5.9 billion vs $1.9 billion (pre-rec), totalling combined books of around $ 7.8 billion.”
This is Santander’s first transaction in which Diversity & Inclusion (D&I) firms have participated in the underwriting group as Co-lead Managers – Siebert Williams Shank & Co (Minority & Women-Owned Enterprise), Samuel A. Ramirez & Company (Minority-Owned Business Enterprise) and R. Seelaus & Co (Women’s Business Enterprise).
“The composition of the of the syndicate reflects Santander’s commitment to ESG values and principles across its business,” said Borgatti
Linklaters advised the banks with a team led by Capital Markets partner Jorge Alegre, while a team from Uría Menéndez advised its longtime client Banco Santander.
On the other hand, Uría Menéndez’s team was led by partner Carolina Albuerne.