Santander covers its 2026 funding need
The bank covers its funding needs for the entire year in six months, after issuing more from Spain than in all of 2025.
Santander has secured its financing needs for 2026 ahead of schedule. The Spanish bank has raised more than €24.8 billion from January to June, surpassing the €14.5 billion raised across the entire 2025 fiscal year. Santander anticipates needing between €21.5 billion and €32 billion in debt throughout 2026, split among its three main issuing subsidiaries: the Spanish core, the UK, and the US.
The bank started planning for the 2026 budget at the beginning of the year and has met its targets in just six months. Despite geopolitical tensions and market fluctuations, Santander has been opportunistic in its approach, placing deals when conditions are favorable and at attractive pricing. The bank has raised €17.3 billion so far, exceeding its initial budget midpoint and positioning itself in the higher end of the forecast range.
Santander has primarily focused on senior senior and non-preferred debt, with Spain's domestic subsidiary leading the charge in terms of issuance volume compared to the entire 2025 year. The US subsidiary has also made significant progress, raising €2.7 billion, while the UK has fallen short of its target of €6 billion to €9.5 billion.
With ample funds in hand, Santander is now prepared to tap the market for additional financing needs and pre-finance 2027 maturities, contingent on continued low financing costs.
Written by urgent.news from Expansion ES's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
