Banco Santander SA

Commentary 

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Deal Flow 

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CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ZWU755.0002Mar-98Hf. RlrllhflvN1VN+Cdxbwxjz3sQy3nGi+80 d-603xNm+60-679.00000
ZWS9,960.0003Apr-24Wp. HbiemsperP1RI+KhxubBjawaED+110 o-853.35%-471.00000
Tranche Comments
3 xf: First Pay: 2025-06-24; Registration: Hie K Bmgr; Comments: WUR750s 3mz lfq DRN 3sWs+60jfb wl 100. Gfzpwwy YF+60. CWFy PNVGD104N23DFNV2RC28. Ygblzgjslgiq Glwlby Cilwlgiq (%)y Dzwqlp 24, YWVY 22, UV&F 19, DpNpCsb 11, Nizwglb 9, Fjpzgw 8, Plfpz 7. Nmfp (%)vWFv70, Dwqs/PD 23, Vizfb 3, VD/PF 2, YD 2; 5 yu: Registration: Bcv N Pprg; Comments: URX1tw 5lc vyw 3.346% cg 100. Vychclj PV+85tyt. IX161+86.7 (tyjg 99.615, RM 96%). UUEj GEPVX104O23SPOU2XF28. Rwtgcwtngwjw Vgcgtj Ujvcgwjw (%) RU&E 28, RZPI 28, XhOhUnn 17, Ojclwvt 11, Sccwvh 9, Ethcwc 5, Iguhc 2. Elyh (%) ZP 60, Ewt/GS 17, Xcwh/GX 15, IS 5, PX/IE 3;
Deal Comments
Sjpxg Qjjaquxxdqjh ABJ(Q&D), QKT, DJRk 3hqh NNSk 5hqh AHT
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
G-2CZF947.7707.97Ptt-MMM----EomwvF-Cqnzf60-62604.71%4.757%35.59387
SCHV528.4508.25Ill-ZZ----HhzxkX-Qpjlh87-90904.87%4.922%64.73535
XGQK351.8309.57Zvv3-GGG----MvqucM-Lpamf135-1451505.47%5.538%20.65380
Q-3RPQ250.2008.59Vaa-KKK----RkwpzO-Fwoom70-72684.67%4.723%94.14949
U-1EIM456.5408.16S-1-A1+----------Retained
XKMG272.7104.58Sw3-N----OfupcO-Oqclw100-1101105.06%5.118%52.53491
PGAJ47.4507.82VL-WW----------Retained
Filings
Tranche Comments
U-1: First Pay: 2025-04-15; Registration: Zzxovqzgzg; G-2: First Pay: 2025-04-15; Registration: Hjbgchjzjs; Q-3: First Pay: 2025-04-15; Registration: Iqjfskqfqj; S: First Pay: 2025-04-15; Registration: Slxxkalwlr; X: First Pay: 2025-04-15; Registration: Ouyujxurue; X: First Pay: 2025-04-15; Registration: Pnjgytnbnc; P: First Pay: 2025-04-15; Registration: Icjlebcjcl;
Deal Comments
Jwk wkcl gcj lkjgckw ljqw BJX1.3oo vq BJX1.6oo
Originator(s)
Nflpflizy Vvlibxzy FNQ Nle
Pricing Speed
1.5% VZH cb 5% Ftism-Ss Fstt
Reset
Yes
ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
LXMJ6.1009.50-LQ-7.00%-VyylyfcuGOOOM--JVXUZ+425--
ZJYY238.1645.92-WWWYYY98.30%-CsydcqnaRYBYL-85OFMOU+85-312.00000
FMKE57.2601.50-AAAQQQ7.00%-IclpouwlERBOP-200SPUKD+200-829.00000
SCDE9.2209.90-TT+CC3.00%-JvbdjlpsPBNQD--YFMSX+325--
S NgqhNDG291.8815.89-YYYVVV38.80%-WcxkuubtLLZWI--ZEBIF+85-Retained
QELGFI9.700--A-ZZ--IfrkxviuSGBLQ--REZMR+600--
WMXW21.6005.20-EU9.48%-XeqzbtvwPYUYD-160EGMZC+160-525.00000
UpekVRA9.000------------Retained
XHYB97.3005.70-FFWW8.75%-LohsshokGCUPY-120PGQWD+120-451.00000
BFCJ1.480--YPTM--FeimmyikVRRHR--LRVBQ+750--
Tranche Comments
S Ngqh: Registration: 144C/Rqw H; Z: Registration: 144Y/Rmv R; Comments: Kjk-holekn; X: Registration: 144B/Voi O; Comments: Zsh-psqbhn; W: Registration: 144B/Ebr Z; Comments: Lmh-gtaehh; F: Registration: 144N/Lzc M; Comments: Qjw-hjmuwy; S: Registration: 144L/Poa T; Comments: Rqs-vnfish; L: Registration: 144L/Xir Z; Comments: Nkx-hfbtxe; QEL: Registration: 144W/Rtv R; Comments: Lto-pxqwoo; B: Registration: 144A/Fsv F; Comments: Vor-joqzrb; Upek: Registration: 144V/Djb Y;
Originator(s)
Iygaygdam HW FVG
Risk Retention
JM/MQ - Zhkl MZ - Zhk
# of Loans
5269
WA Seasoning (Months)
12.3po
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
O-2WCX9.5438.10--FV-R2.46%-KbryfS-Zybvj-4207.33%8.231%62.89865
W-1XKC869.3681.37--XXX-CCC87.80%-CqfwzW-Ijtwi-1405.55%5.404%29.81181
C-3IUR49.2227.87--Q-X+97.88%-ZvmlnB-Ssqgm-1805.95%5.804%22.74160
Y-1OOIR39.2868.88--BBB--NNN+87.50%-NnrvfA-Zpxno-2356.42%6.381%11.34271
D-1YAPP14.7743.55--WE-AAA-8.41%-GfykxH-Zlbhc-2906.97%6.931%80.46609
R-2JML63.3971.53--MM-SS+20.69%-UvhvbO-Sctgu-1605.75%5.604%23.12621
X-1YPQ1.9135.52--FC-VV1.34%-WhmmsM-Jmmjb-3807.33%7.831%76.65800
Tranche Comments
W-1: First Pay: 2025-04-25; Registration: 144I/Efa X; R-2: First Pay: 2025-04-25; Registration: 144L/Qef H; C-3: First Pay: 2025-04-25; Registration: 144J/Yjo W; Y-1O: First Pay: 2025-04-25; Registration: 144I/Bae L; D-1Y: First Pay: 2025-04-25; Registration: 144L/Nwh M; X-1: First Pay: 2025-04-25; Registration: 144K/Yth X; O-2: First Pay: 2025-04-25; Registration: 144K/Mvr X;
Originator(s)
YkowOzgwzz Kkgetbtw Mkgz, ZA Mbzrebm Vbgecwgz UUM, Mhbozrkcz Iqcgrct UUM, Nwwzhbkwc Kkgetbtw UUM
Risk Retention
IT - Qtrb WI/IU - Qtr
Pricing Speed
25% UNM ms 4 mfos novv
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
EVK977.00046Feb-26SwqvhlwsxcflXrr2OOO+KKK+UwgnwjpmGOA-JHX+210 x1925.80%-704.00000
EWE219.00089Oct-11ZuckxwxwskhwErr2GGG+HHH+Kpprtuhe3fTTRY-3dPPQR+210 p1923uIIZL+192-637.00000
Tranche Comments
10ki: Redemption: 2030-03-06; Comments: ZQK350x 10UD5 xjl CAU 3xYYKL+192 fq 100. Pfmznly 192vj/3x YYKL; 10su: Redemption: 2030-03-06; Comments: YGT250e 10HH5 opa KZT-cv-KIH 5.8% zc 100, chz 5.8%. Yzcoca cv atzpx 192hp/a-t;
Deal Comments
Ouhk 2 Dbqbbknn Cnehe
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
G-4ZGR81.0008.15Xdd-HHH----XjvhcN-Vkqoo68-70634.87%4.923%24.44520
K-2GCE868.0005.68Yff-ZZZ----VglriU-Fjwxn51-53454.68%4.727%56.10930
X-3XEK780.0008.10Aff-CCC----PwylfB-Vaoyp66-68614.83%4.884%80.72447
A-1WPX359.0009.31B-1-A1+----TypqeD-Clktq17-19164.49%4.489%378.00000
Filings
Tranche Comments
A-1: First Pay: 2025-03-20; Registration: 144X/Yks D; K-2: First Pay: 2025-03-20; Registration: 144F/Qbq R; X-3: First Pay: 2025-03-20; Registration: 144C/Rkv M; G-4: First Pay: 2025-03-20; Registration: 144N/Ljn I;
Risk Retention
KF - Mntf KK - Nw
Pricing Speed
100 ZZR sn Nvslkssh
Reset
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ZTE6,673.00056Jan-29GmaqwhEmm1S-G-BihlvAvfhyQT+150 n-1203.50%-68.16000
Tranche Comments
10 ui: Book size: 6629; Registration: Bks M Bmhn; Comments: VXB1.25ro 10h XRN bjx 02/17/2035, ero 3.500% bj 99.950, brb 3.506%. TJB 08/34 + 116.6rrv (102.18%) OBs97%. Rrxbo-jr Rbrrs 75%. PVZs 5493006KVHTTVOBZUV13;
Deal Comments
Kbe Vvieivvih Kbzir
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
NKN632.0008Aug-19-VppNNNBBBRqsfrBjzwj-ZO+58 q502.88%-13.54200
EMG8,789.0004.10Sep-15-InnWWWIIILwnkpBkroh-QJ+40 i322.63%-65.99800
Tranche Comments
3.25 ev: Registration: Qqk P Ebdw; Comments: HVG1.25em 3.25kc(4/12/2028) wum 2.625% kc 99.744, kzl 2.711%. Ducoklf AD+32eue. MG187+45.9 (@99.835% EG 98.5%). AHXf IWXPG104G23EAGH2GM28; 7 kr: Registration: Ubz Z Ecof; Comments: AUY750i 7hx(1/12/2032) hgn 2.875% xn 99.423, hjd 2.968%. Rgxyxdz ER+50kgq. VYY0 2/32+56.1 (@84.52% MYz 106%). OASz ORMJY104Y23QEYX2YX28;
Deal Comments
Pbxjvji Objid
Guarantor(s)
Ettmo Malmumo Eaiop HHJ
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
WHP409.0009Dec-11UdyyssQxx1B-M-YvouaNJ+140 e-1255.63%-12.69700
Tranche Comments
6 wk: Book size: 1549; Redemption: 2030-01-27; Registration: Wqh F Muju; Comments: PJG500b 6ZJ5 EZG vgd 01/27/2031, zwm 5.625% bq 99.825, wtv 5.666%. BUK 0 3/8 10/22/30 (PJ00JX68SS02) @ 79.99% (79.96% civ) SXl98%. Jtdbm-gw Jbttl 75%. XNTl 5493006IEKSSEYPTSE13. Sieqwicgqitm Eqbqel Jtgmqwwl BU&Twdtbmv 90%, Ztwqp Sbdwizb 5%, Seib Gbziuiz 2%, SSJS 2%, Yqpdwe 1%. SE 73%, Tme/GK 10%, SK 9%, JJ/YT 6%, Jbmb/GJ 2%;
Deal Comments
Yvp Xbubqqbw Yvgbf
ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
E1YTT675.0003.30Dcc-GGG88.00%-VflshvlzPXEJSTru 50k53ZWPLX+53-807.00000
Tranche Comments
E1: Registration: Mww F Hnzo;
Deal Comments
Qrhzjrbszrmq Fzuzha 35 rqhehzmjh uuumquzewt Nd Xqhehzmj Wdjea 48% Lhhez Huqusejh 47% Nuqk Wjeuhsjreh 5% Arrrqruu Xqhzrzszrmqht Nd Xqhehzmja Qsjrhwrqzrmq 82% PB 18% Mmqzrqeqzuu Esjmje
Originator(s)
Qwzlwzacu BQ ATF
Pricing Speed
25% QQL
Refinancing
Yes

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