1.

Series No.:

1086

2.

Aggregate Principal Amount:

HKD 200,000,000

3.

Issue Price:

HKD 200,000,000.00, which is 100.00 percent of the Aggregate Principal Amount

4.

Issue Date:

July 8, 2026

5.

Form of Notes
(Condition 1(a)):

Bearer only.

The Notes will initially be represented by a temporary global note in bearer form (the "Temporary Bearer Global Note").  Interests in the Temporary Bearer Global Note will, not earlier than the Exchange Date, be exchangeable for interests in a permanent global note in bearer form (the "Permanent Bearer Global Note").  Interests in the Permanent Bearer Global Note will be exchangeable for definitive Notes in bearer form ("Definitive Bearer Notes"), in the following circumstances: (i) if the Permanent Bearer Global Note is held on behalf of a clearing system and such clearing system is closed for business for a continuous period of fourteen (14) days (other than by reason of holidays, statutory or otherwise) or announces its intention to permanently cease business or does in fact do so, by any such holder giving written notice to the Global Agent; and (ii) at the option of any such holder upon not less than sixty (60) days' written notice to the Bank and the Global Agent from Euroclear and Clearstream, Luxembourg on behalf of such holder; provided, that no such exchanges will be made by the Global Agent, and no Noteholder may require such an exchange, during a period of fifteen (15) days ending on the due date for any payment of principal on the Notes.

6.

New Global Note:

No

7.

Authorized Denomination(s)
(Condition 1(b)):

HKD 1,000,000.00

8.

Specified Currency
(Condition 1(d)):

Hong Kong Dollar ("HKD")

9.

Specified Principal Payment Currency
(Conditions 1(d) and 7(h)):

HKD

10.

Specified Interest Payment Currency
(Conditions 1(d) and 7(h)):

HKD

11.

Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):

July 8, 2029

The Maturity Date is subject to adjustment in accordance with the Business Day Convention.

12.

Interest Basis
(Condition 5):

Fixed Interest Rate (Condition 5(I))

13.

Interest Commencement Date
(Condition 5(III)):

Issue Date (July 8, 2026)

14.

Fixed Interest Rate (Condition 5(I)):

(a)  Interest Rate:

3.260 percent per annum

(b)  Fixed Rate Interest Payment Date(s):

Annually in arrear on July 8 in each year, commencing on July 8, 2027, up to and including the Maturity Date.

The Fixed Rate Interest Payment Date is subject to adjustment in accordance with the Business Day Convention.

(c)  Business Day Convention:

Modified Following Business Day Convention. For the avoidance of doubt, adjustments to payment dates in accordance with the Business Day Convention are taken into account in the calculation of interest in respect of the applicable period.

(d) Fixed Rate Day Count Fraction(s):

Actual/365 (Fixed)

15.

Relevant Financial Center:

Hong Kong, New York and London

16.

Relevant Business Days:

Hong Kong, New York and London

17.

Issuer's Optional Redemption (Condition 6(e)):

No

18.

Redemption at the Option of the Noteholders (Condition 6(f)):

No

19.

Early Redemption Amount (including accrued interest, if applicable) (Condition 9):

In the event the Notes become due and payable as provided in Condition 9 (Default), the Early Redemption Amount with respect to each Authorized Denomination will be HKD 1,000,000.00 plus accrued and unpaid interest, if any, as determined in accordance with "14. Fixed Interest Rate (Condition 5(I))".

20.

Governing Law:

New York

Other Relevant Terms

1.

Listing:

None

2.

Details of Clearance System Approved by the Bank and the
Global Agent and Clearance and
Settlement Procedures:

Euroclear Bank SA/NV and/or Clearstream Banking S.A.

3.

Syndicated:

No

4.

Commissions and Concessions:

No commissions or concessions are payable in respect of the Notes.  The Dealer or one of its affiliates has arranged a swap with the Bank in connection with this transaction and will receive amounts thereunder that may comprise compensation.

5.

Estimated Total Expenses:

The Dealer has agreed to pay for all material expenses related to the issuance of the Notes.

6.

Codes:

(a)  Common Code:

342922023

(b)  ISIN:

XS3429220232

7.

Identity of Dealer:

Banco Santander, S.A.

8.

Provisions for Bearer Notes:

(a)  Exchange Date:

Not earlier than August 17, 2026, which is the date that is 40 (forty) days after the Issue Date.

(b)  Permanent Global Note:

Yes

(c)  Definitive Bearer Notes:

No, except in the limited circumstances described under "Form of Notes" herein and in the Prospectus  

9.

Intended to be held in a manner which would allow Eurosystem eligibility:

Not Applicable

10.

Selling Restrictions:

(a)        United States:

Under the provisions of Section 11(a) of the Inter-American Development Bank Act, the Notes are exempted securities within the meaning of Section 3(a)(2) of the U.S. Securities Act of 1933, as amended, and Section 3(a)(12) of the U.S. Securities Exchange Act of 1934, as amended.

Notes in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to U.S. persons, except in certain circumstances permitted by U.S. tax regulations.

(b)        United Kingdom:

The Dealer represents and agrees that (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Bank, and (b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Notes in, from or otherwise involving the UK.

(c)        Hong Kong:

The Dealer has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Notes other than (i) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and

The Dealer has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Notes, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance.

(d) Singapore:

The Dealer represents, warrants and agrees, that it has not offered or sold any Notes or caused the Notes to be made the subject of an invitation for subscription or purchase and will not offer or sell any Notes or cause the Notes to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute the Prospectus, this Pricing Supplement or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes, whether directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 of Singapore.

Investors should note that there may be restrictions on the secondary sale of the Notes under Section 276 of the SFA.

Any reference to the SFA is a reference to the Securities and Futures Act 2001 of Singapore and a reference to any term that is defined in the SFA or any provision in the SFA is a reference to that term or provision as amended or modified from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

In the case of the Notes being offered into Singapore in a primary or subsequent distribution, and solely for the purposes of its obligations pursuant to Section 309B of the SFA, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Notes are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

(e)        General:

No action has been or will be taken by the Bank that would permit a public offering of the Notes, or possession or distribution of any offering material relating to the Notes in any jurisdiction where action for that purpose is required.  Accordingly, the Dealer agrees that it will observe all applicable provisions of law in each jurisdiction in or from which it may offer or sell Notes or distribute any offering material.