A minimum A$500 million (US$380.6 million) three-tranche senior nonpreferred EMTN issue for Banco Santander (A-/A3-/A) progressed to launch on 11 July. The forthcoming transaction is divided between minimum A$200 million 5.5-year floating-rate, A$150 million minimum 5.5-year fixed-rate and A$150 million minimum 10-year fixed-rate tranches. Initial price guidance is 170 and 215 basis points area respectively on the 5.5-year and 10-year notes.