Slaughter and May advised Santander UK - issue of £750 million Additional Tier 1 Capital Securities

Slaughter and May advised Santander UK Group Holdings plc on its issue of £750 million Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities. The Securities are the Santander UK group's first public issuance of Additional Tier 1 instruments and the first public issuance of securities by Santander UK Group Holdings plc, the newly established holding company of Santander UK.

The principal amount of the Securities will automatically be written down to zero if at any time Santander UK Group Holdings plc determines that its Common Equity Tier 1 ratio, calculated on a consolidated basis, is less than 7%. The Securities are admitted to trading on the Main Market of the London Stock Exchange.

Santander Global Banking & Markets and UBS Investment Bank acted as structuring advisers and managers and Barclays, BofA Merrill Lynch and Morgan Stanley acted as managers. Cleary Gottlieb Steen & Hamilton LLP advised the issuer as to New York law.