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MADRID - Banco Santander, S.A. announced Friday it has modified the terms of its $1 billion internationalization covered bonds after obtaining consent from all bondholders.
The Spanish bank has extended the maturity date of its "Series 4 - March 2026" internationalization covered bonds from March 4, 2026, to September 4, 2030. The bonds carry the ISIN code ES0413900707.
Along with the maturity extension, Santander adjusted the interest rate applicable to the bonds. Starting from September 4, 2025, the interest rate will change from the previous Compounded SOFR 6 months plus 53.826 basis points to Compounded SOFR 6 months plus 55.942 basis points.
The bank confirmed that all other terms and conditions established in the original Final Conditions will remain unchanged.
Santander stated in its press release that it has made all necessary communications to the relevant regulatory bodies regarding these modifications. The covered bonds were initially issued in March 2021, with their conditions previously amended in May 2023.
The announcement was filed with the Spanish National Securities Market Commission (CNMV) as required by securities market regulations.
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