Cleary Gottlieb represented Santander UK Group Holdings plc in its offering of $1 billion TLAC eligible 4.796% fixed-rate/floating-rate notes due 2024 and Santander UK plc in its offering of $500 million 3.75% notes and $500 million floating-rate notes due 2021.
Both offerings, which included provisions to reflect the phasing out of LIBOR from 2021 and the “bail-in” power under the UK Banking Act, closed on November 15, 2018.
Santander UK plc is a major financial services provider in the UK, operating across a wide range of personal and corporate banking products and services. Santander UK Group Holdings plc is the holding company of Santander UK plc and its subsidiaries.