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- The Obligations of Banco Santander Under the Notes Are Subject to the Bail-in Power. (new) — Notes can be written down or converted to equity by resolution authorities, a standard but significant risk for European bank debt.
- Banco Santander May Substitute All (but Not Some) of the Notes of Such Series or Modify the Terms of All (but Not Some) of the Notes of Such Series, Without Any Requirement For the Consent or Approval of the Holders (new) — Unilateral substitution or variation rights could alter investor economics without consent if regulatory or tax events occur.
Banco Santander files preliminary prospectus for two senior non-preferred fixed-to-fixed rate notes due 2030 and 2034; terms not yet set
Filed August 18, 2026 · ~2 min read
Key Changes
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Offering consists of two series of senior non-preferred fixed-to-fixed rate notes due 2030 and 2034; principal amounts and interest rates are left blank in this preliminary prospectus supplement.
The Offering verify on EDGAR → -
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Notes rank junior to senior higher priority liabilities but senior to subordinated obligations in insolvency, and are subject to bail-in power.
The Offering verify on EDGAR → -
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Interest rates reset on specified dates to a fixed rate based on the then-current U.S. Treasury Rate plus a spread; if Treasury rates fall, interest payments and market value may decline.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 1, 2026 · How we verify