Slaughter and May advised Santander UK on its issue of £500 million Additional Tier 1 Capital Securities

Slaughter and May advised Santander UK Group Holdings plc on its issue of £500 million Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities.

The principal amount of the Securities will automatically be written down to zero if at any time Santander UK Group Holdings plc’s 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 Corporate Banking acted as structuring adviser and manager, and Barclays, Citigroup and Morgan Stanley acted as managers.