By Cristal Cody
Tupelo, Miss., Dec. 8 – Banco Santander SA sold €4.56 billion of notes due Aug. 20, 2057 in a collateralized loan obligation deal, according to a market source.
FTA Pymes Santander 10 priced €2,907,000,000 of series A floating-rate notes at Euribor plus 106 basis points, €893 million of series B floating-rate notes at Euribor plus 423 bps and €760 million of series C floating-rate notes at Euribor plus 496 bps.
Banco Santander arranged the transaction.
Santander de Titulizacion S.G.F.T., SA will manage the CLO.
The CLO is secured by loans and credit lines granted by Banco Santander to small and medium-sized enterprises and self-employed individuals in Spain.
Banco Santander was previously in the CLO primary market in May with the €1.86 billion FTA Pymes Santander 8 and the €500 million FTA Pymes Santander 9 deals.
The global bank is based in Madrid, Spain.
| Issuer: | FTA Pymes Santander 10
|
| Amount: | €4.56 billion
|
| Maturity: | Aug. 20, 2057
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Banco Santander SA
|
| Manager: | Santander de Titulizacion S.G.F.T., SA
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 28
|
|
|
| Series A notes
|
| Amount: | €2,907,000,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 106 bps
|
| Ratings: | Moody’s: A2
|
| DBRS: AA
|
|
|
| Series B notes
|
| Amount: | €893 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 423 bps
|
| Ratings: | Moody’s: Baa3
|
| DBRS: BB
|
|
|
| Series C notes
|
| Amount: | €947.49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 496 bps
|
| Ratings: | Moody’s: Ca
|
| DBRS: C
|
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