Santander - USD 2.8 billion 6.75% Mandatorily Exchangeable Bonds due 2013

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Slaughter and May advised Banco Santander on the issue of USD 2.8 billion 6.75% Mandatorily Exchangeable Bonds due 2013, which closed in October. The Bonds will be exchangeable for a 5% stake in Banco Santander Brasil.

Uría Menéndez advised on Spanish law, Davis Polk & Wardwell LLP on US law and Pinheiro Neto Advogados on Brazilian law.

Financing: Richard Levitt (partner), Miranda Leung (partner), Gerard Howell (associate), Hugh Phillips (associate); Corporate: Roland Turnill (partner); Tax: Sara Luder (partner), James Wood (associate)