Amount: Eu500m Rating: Moody's/Fitch
Issue price: 100.00
Legal maturity: March 15, 2026
Class A1 (G) notes: Eu96m
Guarantor: Kingdom of Spain
Rating: Aaa/AAA
Expected maturity: December 15, 2003
Average life: 1.5 years
Coupon: three month Euribor plus 2bp
Class A1 notes: Eu24m
Rating: Aa2/AA
Expected maturity: December 15, 2003
Average life: 1.5 years
Coupon: three month Euribor plus 35bp
Class A2 (G) notes: Eu117.2m
Guarantor: Kingdom of Spain
Rating: Aaa/AAA
Expected maturity: June 15, 2005
Average life: 3.01 years
Coupon: three month Euribor plus 3bp
Class A2 notes: Eu29.4m
Rating: Aa2/AA
Expected maturity: June 15, 2005
Average life: 3.01 years
Coupon: three month Euribor plus 38bp
Class A3 (G) notes: Eu166.7m
Guarantor: Kingdom of Spain
Rating: Aaa/AAA
Expected maturity: September 15, 2008
Average life: 6.34 years
Coupon: three month Euribor plus 7bp
Class A3 notes: Eu41.7m
Rating: Aa2/AA
Expected maturity: September 15, 2008
Average life: 6.34 years
Coupon: three month Euribor plus 48bp
Class B (G) notes: Eu7.5m
Guarantor: Kingdom of Spain
Rating: Aa1/AA+
Expected maturity: September 15, 2008
Average life: 4.27 years
Coupon: three month Euribor plus 10bp
Class B notes: Eu7.5m
Rating: A2/A
Expected maturity: September 15, 2008
Average life: 4.27 years
Coupon: three month Euribor plus 90bp
Class C notes: Eu10m
Rating: Baa2/BBB
Expected maturity: September 15, 2008
Average life: 4.27 years
Coupon: three month Euribor plus 180bp
Launched: Tuesday June 11
Lead mgr: JP Morgan, joint lead manager Santander Central Hispano
Secured on: loans to Spanish small and medium-sized enterprises originated by Banco Español de Crédito.