Davis Polk advised Santander Issuances, S.A. Unipersonal in connection with its SEC-registered offering of $1.5 billion aggregate principal amount of 5.179% tier 2 subordinated notes due November 2025.

Santander Issuances, S.A. Unipersonal is a financing vehicle and wholly owned subsidiary of Banco Santander, S.A.

Headquartered in Madrid, Banco Santander, S.A. is the 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 Nicholas A. Kronfeld, counsel Alain Kuyumjian and associates Julia Danforth and Skawenniio Barnes. Partner John D. Paton and associate Omer Harel provided tax advice. Associate Denise Yablonovich provided 1940 Act advice. Members of the Davis Polk team are based in the New York and London offices.