Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 326

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 326
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 of the Internal Revenue Service.

Floating Rate Debt Securities

The discussion below addresses floating rate debt securities that pay interest at a single variable rate plus a fixed spread (or any successor
rate) throughout the term of the debt security, which is unconditionally payable at least annually in cash. This discussion assumes that the variable rate will be a rate of a type whereby variations in value can reasonably be expected to measure
contemporaneous variations in the cost of newly borrowed funds in U.S. dollars (such as a rate based on SOFR). If a floating rate debt security of any series is issued with different terms or rates, the applicable prospectus supplement may describe
relevant U.S. federal income tax consequences to U.S. Holders.

All stated interest on a floating rate debt security will constitute
qualified stated interest and will be taxed as described in “—Stated Interest” above. Thus, a floating rate debt security generally will not be treated as issued with OID, unless the floating rate debt security is issued at
an issue price below its principal amount and the difference between the issue price and the principal amount equals or is in excess of the specified de minimis

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amount described in “—Original Issue Discount” above. In general, if a floating rate debt security is issued with OID, the amount of qualified stated interest and the
amount of OID that accrues during an accrual period will be determined under the rules applicable to fixed rate debt instruments, as discussed under “—Stated Interest” and “—Original Issue Discount”
above, by assuming (in the case of a floating rate debt security with a variable rate based on SOFR) that the variable rate is a fixed rate equal to the value, as of the issue date, of SOFR plus the applicable fixed spread. The qualified stated
interest allocable to an accrual period will be increased (or decreased) if the interest actually paid during an accrual period exceeds (or is less than) the interest assumed to be paid during the accrual period pursuant to the foregoing sentence.

Short-Term Debt Securities

A debt security that matures one year or less from its date of issuance taking into account the last possible date on which the debt security
could be outstanding (a “short-term debt security”) will be treated as being issued with OID and none of the interest paid on the short-term debt security will be treated as qualified stated interest. In general, a cash-method U.S.
Holder of a short-term debt security is not required to accrue the OID for