Santander and BBVA, the two large Spanish banks, have found deals in the macro debt issues carried out by great technology in recent weeks, the largest of the year worldwide, aimed at raising resources with which to finance huge investments in new infrastructures linked to artificial intelligence (AI).
Therefore, BBVA Securities and Santander US Capital Markets LLC participated as entities co-manager in Amazon’s $15,000 million (nearly €13,000 million) bond issue, in what was its first US dollar bond issue since 2022. The goal of the company founded by Jeff Bezos is to use the resources from the sale of the bonds for general corporate purposes, including debt payments, acquisitions, investments and share repurchases.
Furthermore, Santander US Capital Markets LLC participated as a placer in the macro bond issue carried out by Alphabet at the beginning of November, both in Europe and in the United States, for an amount of 25 billion dollars, one of the largest of the year. According to the transaction prospectus, submitted by the parent company of Google and YouTube to the US Securities Commission (SEC), the entity subscribed to Alphabet bonds amounting to $175 million in a tranche of $17.5 billion of bonds denominated in US currency, which included debt with maturities of three, five, seven, ten, 20, 30 and 50 years.
In the tranche of Alphabet’s 6.5 billion euro bond issue, with maturities in 2028, 2031, 2034, 2038, 2044 and 2064, carried out in parallel, Santander US Capital Markets LLC received paper worth almost 100 million euros.
Similarly, Santander was also one of the placing entities for Oracle’s $18 billion macro-issuing in mid-September. According to the prospectus of the operation, sent by Larry Ellison’s company to the US Securities Commission (SEC), the entity chaired by Ana Botín has subscribed bonds for an amount exceeding 1,015 million dollars: 169.2 million in five-year bonds, 169.2 million in seven years, 225.6 million in ten years, 141 million in 20 years, 197.4 million in 30 years and 112.8 million in 40 years.
It was not the first time that Santander partnered with Oracle in 2025. The bank was also one of the entities co-manager of the company’s $7.75 billion three-year bond issue in January. In this operation, carried out in the midst of a technological storm due to the emergence of the Chinese DeepSeek in the world of artificial intelligence, Santander US Capital Markets subscribed to Oracle bonds for over 345 million.
Also during the month of September Santander participated as co-manager in the $4.5 billion bond issue announced by Dell Technologies.
None of the Spanish banks, however, participated in the recent 30 billion dollar macro issue carried out by Meta Platforms a few days ago, to finance its expansion into data centers for artificial intelligence. In this case, the parent company of Facebook, Instagram and WhatsApp mattered joint bookrunning managers to Citigroup and Morgan Stanley.
In global terms, Oracle has relied on BofA Securities, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, BNP PARIBAS, PNC Capital Markets and SMBC Nikko for its debt issuances.
Alphabet signed as joint global coordinators AND joint bookrunning managers to Goldman Sachs, HSBC and JP Morgan, while Amazon also had Goldman Sachs, JP Morgan, Morgan Stanley, BofA Securities, Citigroup, Deutsche Bank, HSBC, Wells Fargo, Barclays, BNP Paribas, RBC Capital Markets, Scotia Capital, SG Americas Securities and TD Securities.
