Banco Santander S.A. Information to bondholders (8177R)
08 Luglio 2022 - 8:00AM
UK Regulatory
TIDMBNC
RNS Number : 8177R
Banco Santander S.A.
08 July 2022
Banco Santander, S.A. ("Banco Santander" or the "Bank"), in
compliance with the relevant securities market legislation, hereby
announces:
OTHER RELEVANT INFORMATION
Holders of those covered bonds secured by mortgage-backed loans
(cédulas hipotecarias), by public sector loans (cédulas
territoriales) and by internationalization loans (cédulas de
internacionalización) issued by the Bank, currently outstanding and
whose ISIN (International Securities Identification Numbering)
codes are set forth in Annex 1 (respectively, the "Mortgage-Backed
Covered Bonds'", the "Public Sector Covered Bonds'" and the
"Internationalization Covered Bonds'" and, jointly, the "Covered
Bonds"), are hereby informed that, as of today, the legal regime
for the Covered Bonds will be that provided for in Royal Decree-Law
24/2021. [1]
As a consequence of the above, holders of the Covered Bonds are
hereby informed that:
- Said securities have been included in the Bank's
mortgage-backed covered bonds programme (programa de cédulas
hipotecarias), public sector covered bonds programme (programa de
cédulas territoriales) or internationalization covered bonds
programme (programa de cédulas de internacionalización) (as
corresponds) (respectively, the "Mortgage-Backed Covered Bonds'
Programme", the "Public Sector Covered Bonds' Programme" and the
"Internationalization Covered Bonds' Programme" and, together, the
"Programmes"). [2] On 4 July, Banco de España has authorised the
establishment of each of the Programmes.
- The payment obligations of the Bank regarding the covered
bonds included, now or in the future, in each one of the Programmes
will be especially covered by an open and variable portfolio of
assets identified and individualised in the Bank's corresponding
special registry (each asset portfolio, the "Cover Pool"). [3]
- Deloitte Advisory, S.L. (" Deloitte ") has been designated as
external cover pool monitor for the Cover Pools and, in that
capacity, has verified the transitioning process followed by Banco
Santander and has checked that the transferred assets fulfil the
criteria established by the Bank in line with Royal Decree-Law
24/2021. In particular, Deloitte has verified that the valuation of
the real estate assets securing the mortgage loans integrated in
the Cover Pool of the Mortgage-Backed Covered Bonds Programme used
to ensure that such loans comply with the requirements of Royal
Decree-Law 24/2021 is the lower of (i) the reference value being
used by the issuer in accordance with Circular 4/2017, of Banco de
España, and (ii) the full individual appraisal value performed in
accordance with Order ECO/805/2003 on the occasion of the granting
of the loan.
- The Covered Bonds will otherwise continue to be governed,
mutatis mutandis, by their corresponding terms and conditions.
The entry into force of Royal Decree-Law 24/2021 has not
affected the ratings of the Covered Bonds.
Boadilla del Monte (Madrid), 8 July 2022.
http://www.rns-pdf.londonstockexchange.com/rns/8177R_1-2022-7-8.pdf
[1] As of today, the first book, the first through third
transitory provisions, the first and fourth final provisions and
letters a) through e) of the sole repealing provision of Royal
Decree-Law 24/2021 of 2 November on the transposition of certain
European Union Directives in the areas of covered bonds,
cross-border distribution of collective investment undertakings,
open data and reuse of public sector information, exercise of
copyright and related rights applicable to certain online
transmissions and retransmissions of radio and television
programmes, temporary exemptions for certain imports and supplies,
for consumers and for the promotion of clean and energy efficient
road transport vehicles (as amended by Royal Decree-Law 11/2022, of
June 25, adopting and extending certain measures to respond to the
economic and social consequences of the war in Ukraine, to address
situations of social and economic vulnerability, and for the
economic and social recovery of the island of La Palma) (the "Royal
Decree-Law 24/2021") have come into force.
[2] In addition to the Covered Bonds, each one of the Programmes
(as appropriate) will include any other mortgage-backed, public
sector or internationalization covered bonds (as corresponds)
issued by the Bank that explicitly adhere to the corresponding
Programme.
[3] The Bank will have three Cover Pools related to the
Programmes: one Cover Pool that will cover the obligations
corresponding to the covered bonds included in the Mortgage-Backed
Covered Bonds Programme, another one that will cover the
obligations corresponding to the covered bonds included in the
Public Sector Covered Bonds Programme and another one that will
cover the obligations corresponding to the covered bonds included
in the Internationalization Covered Bonds Programme. Each of the
Cover Pools will consist exclusively of the primary assets and,
when appropriate, the liquid assets, replacement assets and
derivative instruments eligible under Royal Decree-Law 24/2021.
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END
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