Banco Santander to redeem $298M in preferred securities

The redemption price is each security’s outstanding nominal amount plus accrued but unpaid distributions to but excluding November 12, 2026.

Rhea-AI Filing Summary

Banco Santander, S.A. (SAN) announced its irrevocable decision to redeem all outstanding 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities. Their total nominal amount is USD 298,400,000, representing all securities outstanding.

The redemption, authorized by the European Central Bank, will take place on the first optional early redemption date, the distribution payment date falling on November 12, 2026. The redemption price is each security’s outstanding nominal amount, plus accrued but unpaid distributions to but excluding that date.

Key Figures

Total nominal amount to be redeemed: USD 298,400,000 Coupon: 4.750% Optional early redemption date: November 12, 2026

3 metrics

Total nominal amount to be redeemed USD 298,400,000 Represents all CoCos outstanding

Coupon 4.750% Rate in the CoCos’ security name

Optional early redemption date November 12, 2026 First optional early redemption date; distribution payment date

Key Terms

Contingent Convertible Perpetual Preferred Tier 1 Securities, optional early redemption, liquidation preference

3 terms

Contingent Convertible Perpetual Preferred Tier 1 Securities financial

"Contingent Convertible Perpetual Preferred Tier 1 Securities"

optional early redemption financial

"first optional early redemption date"

liquidation preference financial

"liquidation preference in the terminology of the prospectus"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much of SAN's CoCos will Banco Santander redeem?

Banco Santander will redeem all outstanding CoCos, with a total nominal amount of USD 298,400,000.

When is SAN's CoCo redemption and how is the price calculated?

The redemption will take place on November 12, 2026. The price is each CoCo’s outstanding nominal amount plus accrued but unpaid distributions to but excluding that date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/14/2026 - 06:04 AM EDT Accepted by SEC EDGAR 10/14/2026 - 06:02 AM EDT Learn about SEC filing dates

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of October, 2026

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Banco Santander, S.A.

TABLE OF CONTENTS

Item
1	Report of Inside Information dated October 14, 2026

 

Item 1

Banco Santander, S.A., in compliance with the Securities Market legislation, hereby communicates the following:

INSIDE INFORMATION

Banco Santander, S.A. (the “Issuer” or “Banco Santander”) announces its decision to carry out the optional early redemption of all outstanding 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (ISIN: US05971KAH23; CUSIP: 05971KAH2), which are listed on the New York Stock Exchange (the “CoCos”).

The total nominal amount of the CoCos to be redeemed is two hundred ninety-eight million four hundred thousand U.S. dollars (USD 298,400,000), representing all CoCos outstanding.

The optional early redemption of all of the outstanding CoCos, which has been authorised by the European Central Bank, will be effected on the first optional early redemption date, being the distribution payment date falling on 12 November 2026, in accordance with the section entitled “Description of the Notes” in the CoCos prospectus supplement dated 6 May 2021 which is a part of the Registration Statement on Form F-3 (File No. 333-238243) (the “Description of the Notes”). The decision of the Issuer to exercise the optional early redemption right is irrevocable. Holders of the CoCos are being notified through this announcement of inside information and other notices as described under Description of the Notes.

The early redemption price, which will be equal to the outstanding nominal amount (liquidation preference in the terminology of the prospectus) of each CoCo plus any accrued but unpaid distribution thereon to but excluding 12 November 2026, will be paid in accordance with the terms and conditions set forth under the Description of the Notes.

Boadilla del Monte (Madrid), 14 October 2026

1 

 

IMPORTANT INFORMATION

Not a securities offer

This document and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.

2 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Banco Santander, S.A.
Date:	October 14, 2026		By:	/s/ Pedro de Mingo Kaminouchi
				Name:	Pedro de Mingo Kaminouchi
				Title:	Head of Corporate Compliance