Santander UK PLC has issued €1.25 billion in seven-year covered bonds, while Santander Consumer Finance SA closed a €1 billion, five-year senior preferred debt offering, Europa Press reported.

Investors oversubscribed the U.K. issue by 2.6x and the consumer finance issue by 1.8x amid the usual strong demand at the start of the year, the report said, citing Bloomberg data.

BNP Paribas, Landesbank Baden-Württemberg, Nomura, Santander and UniCredit oversaw the U.K. offering while the consumer finance issuance were placed by ING, JP Morgan, Santander, Société Générale and WFS.

Earlier, Spanish rival Banco Bilbao Vizcaya Argentaria SA issued a €1.25 billion nonpreferred seven-year bond.

The offering was 2x oversubscribed, with demand exceeding €2.6 billion, and was priced at 70 basis points over midswaps, against an initial guidance of 90 basis points, BBVA said. The notes carry a coupon of 0.50%, the lowest for an instrument of its kind with a maturity of seven years, according to the bank.

Crédit Agricole CIB, Citi, Commerzbank, Credit Suisse, NatWest Markets and BBVA acted as joint book runners on the issuance.