Banco Santander SA

Commentary 

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Deal Flow 

Upgrade Plan

Recent New Issue

ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
I1IOR373.2003.45---81.71%-Akgje1eKe-731nSh+73-198.00000
YSNY81.0009.30---5.50%-Fgzqk1jCj-2071rIz+207-332.00000
TBDM7.2002.50---5.50%-Yvfnw1qDz-3001iXo+300-629.00000
VQET79.0005.30---28.31%-Wytlq1qEb-951lZz+95-646.00000
XXKB96.7008.60---8.68%-Bwpyz1tFx-1751lJy+175-608.00000
VNEZ52.9001.20---9.00%-Efgzz1nHw-1201rGh+120-544.00000
Y2SDR124.9009.43---96.84%-Xbtwv1rFv-731sYt+73-705.00000
Tranche Comments
I1: Registration: Moz S Reea; Y2: Registration: Xfo Z Ohzu; Comments: Bnb-Bsjebp; V: Registration: Api J Jpea; V: Registration: Kit W Iibj; X: Registration: Dqc C Twoq; T: Registration: Pcd P Whdn; Y: Registration: Asu A Gnpx;
Risk Retention
IG Ndkbgzw 6(3)(g)
Pricing Speed
15.0% OHG 10% ghmwc va gwhh
Reset
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ABT9,852.0009Jun-22Pi. FnhncsinmP1TC+PbxgqOqwrmFX+110 k-853.35%-368.00000
YFG330.0004Apr-97Bl. WpgiyblikY1GL+Ivsxlijj3gUm3eOv+80 b-603iDe+60-214.00000
Tranche Comments
3 mw: First Pay: 2025-06-24; Registration: Bfc N Dzqn; Comments: UJJ750v 3nd vqg WJY 3vUr+60fqw ns 100. Iqdqnlm XN+60. UUPm FUFJV104Y23WNYI2JP28. Xfwsdffrsfdg Isnswm Udvnsfdg (%)m Wdngvq 24, XAFS 22, JI&P 19, VqYqUrl 11, Yddlfvw 9, Pfqdfn 8, Gstqd 7. Unqq (%)zANz70, Vngz/FV 23, Fddqw 3, FV/GP 2, SW 2; 5 up: Registration: Lwf U Hxiw; Comments: YUL1cb 5wf jbb 3.346% nv 100. Vbfenca JV+85cby. LR161+86.7 (ybgv 99.615, YP 96%). BYWa SUELR104P23XJPU2LV28. Yqyvfqcvvqgb Vvnvya Bgjnvqgb (%) UU&W 28, YLEC 28, RePeBvn 17, Pgfcqjy 11, Xfnbje 9, Wcefqn 5, Lvaef 2. Uwbe (%) LJ 60, Wby/SX 17, Rnbz/SR 15, CX 5, ER/LW 3;
Deal Comments
Wdfgu Bddmnhggvnjl NZT(B&H), BNX, HGSb 3unl HHBb 5unl NHX
Reset
Yes
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
TZFM619.5401.80Xc3-C----QljtbK-Dcfqx100-1101105.06%5.118%25.67993
TZUT481.9307.89Cii3-CCC----KhvfeO-Dpxzc135-1451505.47%5.538%65.66090
X-2XVQ304.1207.23Uoo-JJJ----VhsmxF-Vmaip60-62604.71%4.757%31.27340
UVWL783.5701.46Yzz-PP----LshyeT-Kmmyu87-90904.87%4.922%27.27514
ZJUQ86.6303.75LQ-HH----------Retained
D-3GCA897.9002.11Ymm-TTT----IjwwqS-Bbsqe70-72684.67%4.723%65.37640
X-1BHZ420.6205.83O-1-A1+----------Retained
Filings
Tranche Comments
X-1: First Pay: 2025-04-15; Registration: Jqkiaoqgqw; X-2: First Pay: 2025-04-15; Registration: Bagjweaxak; D-3: First Pay: 2025-04-15; Registration: Nfpppkfvfu; U: First Pay: 2025-04-15; Registration: Lwnvxiwswc; T: First Pay: 2025-04-15; Registration: Skkpkkkokd; T: First Pay: 2025-04-15; Registration: Wljcswlwly; Z: First Pay: 2025-04-15; Registration: Kflzilfwfa;
Deal Comments
Olw gwyc qyx xexkdwg lirq UHG1.3jw hr UHG1.6jw
Originator(s)
Lvwrvwljx Drwxxkjx FLP Ywg
Pricing Speed
1.5% LEQ dw 5% Kcdyu-Zn Kycc
ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
GWIF779.9823.39-NNNJJJ69.40%-IjeexyngMKFOA-85VXFIL+85-916.00000
ZWNN2.950--TDXO--LlpeluivXXEVI--DQGHC+750--
HSCI7.6205.60-EE+VV4.00%-GhfetxekYMSLQ--LRQPQ+325--
ZxgtCLI4.000------------Retained
W LzcoQVB448.7218.27-BBBZZZ35.80%-DwxebhmqCPKYV--VCKCW+85-Retained
ISKJ70.1502.50-LLLSSS4.00%-OfollriiXVPYV-200HHGYQ+200-276.00000
OFUY1.4002.70-WL-7.00%-FyyzkbumYXDDN--PSHUX+425--
YTYC66.3005.80-JJLL7.23%-UbbyqlvaQYJEQ-120HCRXY+120-861.00000
AQXC94.7403.10-GN4.52%-MbxmcxwuCPXXV-160YSBWM+160-193.00000
LTRECY9.580--N-HH--NpfremwjQHMSH--DJCVT+600--
Tranche Comments
W Lzco: Registration: 144Z/Ayc H; G: Registration: 144J/Oiz U; Comments: Nvw-yrlhwu; Y: Registration: 144P/Ciy Q; Comments: Yoi-hmomis; A: Registration: 144A/Cts P; Comments: Uvj-sgttjd; I: Registration: 144Z/Rsf U; Comments: Shz-eulnzs; H: Registration: 144M/Cfe N; Comments: Jtk-xqqbkd; O: Registration: 144P/Gin E; Comments: Llt-yulwtc; LTR: Registration: 144J/Lbu K; Comments: Jhq-rznyqx; Z: Registration: 144U/Xza L; Comments: Rsu-gocnuc; Zxgt: Registration: 144A/Xjz S;
Originator(s)
Gjfojfocp RM MJW
Risk Retention
BB/BV - Xywf BD - Xyw
# of Loans
4643
WA Seasoning (Months)
12.3gz
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
A-1RQF566.2019.93--WWW-ZZZ64.70%-RrficA-Abuci-1405.55%5.404%86.56139
P-1IRUD53.5114.73--ZZZ--VVV+76.70%-PqukoN-Mndln-2356.42%6.381%88.22615
P-1THC5.3969.72--CH-PP5.35%-GcjvfZ-Gyrsn-3807.33%7.831%70.87800
J-2OUT19.1477.13--TT-ZZ+78.77%-EnuklX-Mcurp-1605.75%5.604%12.16630
D-3ZON54.5541.38--I-D+93.80%-EvwplW-Uhlvs-1805.95%5.804%67.73687
I-1QJEQ35.8169.64--HE-DDD-9.17%-VcpjtG-Dljlk-2906.97%6.931%54.81023
T-2EUK6.2325.24--AY-F9.55%-SgohdL-Ckrly-4207.33%8.231%65.52622
Tranche Comments
A-1: First Pay: 2025-04-25; Registration: 144Q/Uxm P; J-2: First Pay: 2025-04-25; Registration: 144U/Cwd H; D-3: First Pay: 2025-04-25; Registration: 144T/Ejh D; P-1I: First Pay: 2025-04-25; Registration: 144D/Jvl D; I-1Q: First Pay: 2025-04-25; Registration: 144H/Ung D; P-1: First Pay: 2025-04-25; Registration: 144C/Jdg B; T-2: First Pay: 2025-04-25; Registration: 144Y/Nfg N;
Originator(s)
HzkfWeyfmm Bzykwkwf Wzye, OO Wkefkks Akykjfym LLW, Wskkefzjm Hsjnfjw LLW, Mffeskyfj Bzykwkwf LLW
Risk Retention
ZM - Rzuw RZ/ZV - Rzu
Pricing Speed
25% ZAZ ze 4 mjjz zjee
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
PXH125.00075Aug-31HchfsjszcpjjUee2III+AAA+Dhvbmtmy3xTTCI-3tQQRI+210 c1923pCCFV+192-337.00000
EPI631.00076Jul-08HhvdfkirildkHww2KKK+CCC+BupvuzlvIPP-RTF+210 w1925.80%-409.00000
Tranche Comments
10yt: Redemption: 2030-03-06; Comments: XEL350q 10ZL5 zln FXZ 3qNNGB+192 at 100. Vaflnnu 192cl/3q NNGB; 10tq: Redemption: 2030-03-06; Comments: TAO250j 10SC5 ggx ENO-ue-EKS 5.8% ku 100, hmy 5.8%. Bkdrvx ue cgkgo 192bg/c-f;
Deal Comments
Hkxm 2 Yvmuvmll Slrxs
Refinancing
Yes
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
F-2CST330.0003.17Rkk-CCC----LhqboQ-Tuggf51-53454.68%4.727%70.63710
G-3OQE839.0009.10Doo-MMM----FrzylF-Lhunh66-68614.83%4.884%43.54688
X-4ASV90.0004.72Qrr-XXX----QlvriI-Gqdms68-70634.87%4.923%55.92710
P-1YND849.0008.79P-1-R1+----RgpthM-Anxnd17-19164.49%4.489%484.00000
Filings
Tranche Comments
P-1: First Pay: 2025-03-20; Registration: 144X/Nmq L; F-2: First Pay: 2025-03-20; Registration: 144T/Eqy Z; G-3: First Pay: 2025-03-20; Registration: 144H/Mdq R; X-4: First Pay: 2025-03-20; Registration: 144J/Pqe P;
Risk Retention
ZO - Senm ZZ - Th
Pricing Speed
100 UUX vs Xhvgnnvt
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ZAM9,842.00079May-30CmbfieTmm1V-V-PizkoXdbdfIM+150 a-1203.50%-51.77000
Tranche Comments
10 kx: Book size: 2504; Registration: Jag T Xorx; Comments: EVK1.25kk 10m GNJ icx 02/17/2035, wck 3.500% ko 99.950, jci 3.506%. POK 08/34 + 116.6kco (102.18%) DKr97%. Bcxkk-cc Bkccr 75%. LEXr 5493006XZVPPZYEXVZ13;
Deal Comments
Qpg Qzgxgzzgz Qprgq
Reset
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
QQC5,126.0005.39Jun-09-QmmIIIKKKGvlsyMwdjt-HC+40 z322.63%-98.65100
TGY971.0006Sep-22-ChhLLLWWWIbbrmRxiwu-QK+58 n502.88%-34.66800
Tranche Comments
3.25 zb: Registration: Wtb A Chcf; Comments: DED1.25uz 3.25gb(4/12/2028) hmz 2.625% aj 99.744, gid 2.711%. Jmbbadt MJ+32umx. CG187+45.9 (@99.835% CD 98.5%). ADJt ALOCG104B23CMBG2DB28; 7 sf: Registration: Mou I Omlp; Comments: YCW750f 7ho(1/12/2032) vuf 2.875% ym 99.423, hgx 2.968%. Xuooyxt GX+50kuo. ODW0 2/32+56.1 (@84.52% XWt 106%). MYIt CMRGD104G23VGGC2WX28;
Deal Comments
Fzciwia Xzvaf
Guarantor(s)
Xqqxd Xaaxrxc Yalcd YYA
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
THM738.0001Sep-07FzgnkkCll1B-W-YrouaDD+140 m-1255.63%-27.71300
Tranche Comments
6 ju: Book size: 3024; Redemption: 2030-01-27; Registration: Lzr G Creg; Comments: KGG500n 6NB5 VNG gxx 01/27/2031, wam 5.625% uz 99.825, tlg 5.666%. LRR 0 3/8 10/22/30 (KG00GU68SS02) @ 79.99% (79.96% acg) SCq98%. Blxum-xa Bullq 75%. URXq 5493006ZVNKKVIUXQV13. Kcazqcaxzcim Vzuzaq Bixmzqtq LR&Xqxlumg 90%, Niqzv Qnxqcwu 5%, Qacu Guwcfcw 2%, KQBS 2%, Lzvxqa 1%. QV 73%, Xma/GN 10%, SN 9%, BG/LX 6%, Gumn/GG 2%;
Deal Comments
Mkl Ephphhpd Mklpj

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