Cabrera Capital Markets reposted this
Banco Santander has launched today a successful new USD 3.75bn Multi Tranche: 4NC3 FRN, 4NC3 FXD & 7yr FXD Senior Preferred transaction. With this transaction Banco Santander reopens the Yankee market, becoming the first European bank to issue in USD after the hiatus in June. With the market still digesting the latest macro/political events, investors showed appetite across all three tranches since the outset, with both the 4NC3 and 7yr FXD tranches keeping a similar and stable demand throughout the transaction. The total book peaked at USD 11bn, and the low price sensitivity and quality of investors allowed Santander to narrow IPTs by 25 basis points and enabled us to launch the deal with a NIP of 5bps on the 4NC3-year FXD and 5bps on the 7-year FXD, as well as maintaining a significant oversubscription on all three tranches (priced at 95# for the 4NC3 FXD (with the equivalent FRN tranche at SOFR +112#) and 120# for the 7yr bullet FXD). Total book size USD 10.5bn. We would especially like to thank the investors in the USD market for their constant support, in a market that is core for us, and in which we are honored to find so much interest every time we visit. Thanks to the tireless work of our IR and legal teams. Without this teamwork we would not be able to achieve such exceptional results. Congrat to Banco Santander as Global Coordinator, and to Barclays, BOAM, Jefferies, GS, MS, Santander, Scotia and WF as JLM. As is becoming a regular feature of Santander's USD transactions, Diversity & Inclusion (D&I) firms will participate in the underwriting group, counting this time with Cabrera Capital Markets LLC & Loop Capital Markets LLC. José Antonio Soler Ramos, Marta Gonzalez Deprit, CFA, Gema Navamuel, Carlos Berastain, José María Ciruelos Lozano, John Yandell, Marta Santos Collado, Gabriel Castellanos, Jaime Cruz Ballesteros, Luis Miguel Coronel León, Abraham Douek, Nihar Rach, Rob Kay, Juan Carlos Sanchez
Enhorabuena a todo el equipo…gran deal!
Another confirmation - if any were needed- of the attractiveness of the name and quality of the syndicate. Brilliant.
Amazing deal again congrats superteam
Silvana & Team, Congratulations for an excellent trade!
Amazing job!!! Enhorabuena Silvana Borgatti & Team !!!
Congrats!! 👏👏👏
Managing Director & Head of Capital Markets | DE&I Champion and Chairman of the Board at Chicago United
1moCongratulations Silvana Borgatti, and thanks for including Cabrera Capital Markets as a co-manager on your offering! We applaud Santander and your team’s commitment to Diversity and Inclusion (D&I).