Bond Factsheet
SANTAN 5.800% 06Mar2035 Corp (AUD)
Banco Santander S.A.
Indicative
Full Lot
Bid Price 97.827
Change in Bid Price 0.232
Bid Yield (%) 6.517 %
Change in Bid Yield 0.078
Ask Price 98.093
Change in Ask Price 0.241
Ask Yield (%) 6.428 %
Change in Ask Yield 0.081
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Banco Santander S.A.
Guarantor
-
Announcement Date
27 Feb 2025
Issue Date
06 Mar 2025
Maturity Date
06 Mar 2035
Years to Maturity / Next Call
8.426 / 3.423
Modified Duration
6.483 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.800
Coupon Type
Variable
Annual Coupon Rate
5.800
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 06 March 2030
Reset Rate: ASX Australian Bank Bill Short Term Rates 3 Month Mid+ Initial Margin (1.920%)
ISIN
AU3CB0319184
CUSIP
YR9078506
Bond Currency
AUD
Total Issue Size
250,000,000
Min. Investment Quantity (Nominal)
AUD 200,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Tier 2
Bail-in Power Acknowledgement
Notwithstanding any other term of the Notes or any other agreement, arrangement or understanding between the Issuer and the Noteholders, by its subscription and/or purchase and holding of the Notes, each Noteholder (which for the purposes of this Condition 5 includes each holder of a beneficial interest in the Notes) acknowledges, accepts, consents to and agrees:
(a) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof:
(i) the reduction of all, or a portion, of the Amounts Due on a permanent basis;
(ii) the conversion of all, or a portion, of the Amounts Due into shares, other securities or other obligations of the Issuer or another person (and the issue to the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes, in which case the Noteholder agrees to accept in lieu of its rights under the Notes any such shares, other securities or other obligations of the Issuer or another person;
(iii) the cancellation of the Notes or Amounts Due;
(iv) the amendment or alteration of the maturity of the Notes or amendment of the interest amount payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and
(b) that the terms of the Notes are subject to, any may be varied, if necessary, to give effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority.
Exercise of Bail-in Power not an Event of Default
Neither a cancellation of the Notes, a reduction, in part or in full, of the principal amount of the Notes or any accrued and unpaid interest on the Notes, the conversion thereof into another security or obligation of the Issuer or another person, as a result of the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Issuer, nor the exercise of any Bail-in Power by the Relevant Resolution Authority with respect to the Notes will be an event of default or otherwise constitute non-performance of a contractual obligation, or entitle the Noteholders to any remedies (including equitable remedies), which are hereby expressly waived.
Issuer Call
However, the Issuer may only do so if:
(a) the amount of Notes to be redeemed is, or is a multiple of, their Denomination;
(b) the Issuer has given not less than 15 days’ (or any other period specified in the Pricing Supplement) notice to the Registrar, the Noteholders, each other Agent and any stock or securities exchange or other relevant authority on which the Notes are listed, quoted and/or traded;
(c) the proposed Redemption Date is an “Early Redemption Date (Call)” specified in the Pricing Supplement; and
(d) any other relevant condition specified in the Pricing Supplement is satisfied.
Early Redemption Date (Call) : 6 March 2030
Additional Note
(a) The Issuer may redeem all (but not some) of the Tier 2 Subordinated Notes of a Series, in whole (but not in part) before their Maturity Date at the Redemption Amount and any interest accrued on it to (but excluding) the Redemption Date if a Capital Disqualification Event occurs as a result of a change (or any pending change which the Regulator considers sufficiently certain) in Spanish law or Applicable Banking Regulations becoming effective on or after the Issue Date of the first Tranche of such Tier 2 Subordinated Notes.
However, the Issuer may only do so if the Issuer has given not less than 15 days’ nor more than 60 days’ (or any other period specified in the Pricing Supplement) notice to the Registrar, the Noteholders, each other Agent and any stock or securities exchange or other relevant authority on which the Notes are listed, quoted and/or traded.
(b) Redemption of Tier 2 Subordinated Notes for regulatory reasons under this Condition 10.3 is subject to the prior consent of the Regulator and/or the Relevant Resolution Authority if and as required therefor under Applicable Banking Regulations and may only take place in accordance with Applicable Banking Regulations in force at the relevant time.
Waiver of Set-Off
If the Pricing Supplement states that this Condition 15 applies, no Noteholder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such Noteholder, directly or indirectly, howsoever arising (and, for the avoidance of doubt, including all such rights, claims and liabilities arising under or in relation to any and all agreements or other instruments of any sort, whether or not relating to such Instrument) and each Noteholder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities. Notwithstanding the preceding sentence, if any of the amounts owing to any Noteholder by the Issuer in respect of, or arising under or in connection with the Notes is discharged by set-off, such Noteholder shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Issuer and, until such time as payment is made, shall hold an amount equal to such amount in trust for the Issuer and accordingly any such discharge shall be deemed not to have taken place.
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