We advised Banco Santander on the notes due 2028, 2030 and 2034

Davis Polk advised Banco Santander, S.A. in connection with its SEC-registered offering of $400 million aggregate principal amount of senior non-preferred callable floating-rate notes due 2028, $1.1 billion aggregate principal amount of 5.552% senior non-preferred callable fixed-to-fixed-rate notes due 2028, $1.25 billion aggregate principal amount of 5.538% senior non-preferred callable fixed-to-fixed-rate notes due 2030 and $1.25 billion aggregate principal amount of 6.350% Tier 2 subordinated fixed-rate notes due 2034.

Headquartered in Madrid, Banco Santander is a leading financial institution by market capitalization in the eurozone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin American countries.

The Davis Polk corporate team included partner Pedro J. Bermeo and associate Jose Lucena-Rebollo. The tax team included counsel Alon Gurfinkel and associates Kelli A. Rivers and Valentin Van de Walle. Counsel Leon E. Salkin and associate Marc Schwab provided ’40 Act advice. Members of the Davis Polk team are based in the New York, Madrid and London offices.

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