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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
SRBANK
SR-Boligkreditt AS€1,000
1EMEA
Feb 18, 2026
currency
EUR
size (m)
1,000.000
maturity
Feb 27, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
-
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-8
guidance
MS+30 area
spread
22
coupon
2.75%
spread set
-
price
99.73000
yield
2.793%
book size (m)
2,090
peak book (m)
2,500
x-covered
2.09
book attrition
-16.40%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,090
peak book (m)
2,500
x-covered
2.09
book attrition
-16.40%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2090; Registration: Reg S Only; Comments: EUR1bn 7yr Green fxd cpn 2.75% at 99.730, yld 2.793%. SPread: MS+22. DBR 2.3 02/2033 (DE000BU2Z007) +28.9bps (cash px 98.706). LEI: 5493005EFLOPQ4K0ZF42;
Deal Comments
Reoffer: 7yr: MS+22bp / 99.73 / 2.793% Benchmark: 7yr: DBR 2.3 02/2033 (DE000BU2Z007) +28.9bp (cash px 98.706), HR: 100% Orderbook at final spread: €2.2bn (pre-rec, incl. €250m JLM) Launched: 7yr: €1bn @ MS+22bp Spread set at: 7yr: MS+22bp IPTs: 7yr: MS+30bp area Issuer: SR-Boligkreditt AS Ticker: SRBANK Issuer LEI: 5493005EFLOPQ4K0ZF42 Issue Type and Form of Notes: European Covered Bond (Premium), Norwegian Covered Bond backed by 100% residential Norwegian mortgages, Reg S Bearer (TEFRA D), ECB repo & LCR Level 1B eligible, ECBC Covered Bond Label; TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario) Use of Proceeds: Green Notes, as fully described in the Base Prospectus. The Issuer intends to allocate an amount equal to the net proceeds of the Green Notes to finance or refinance, in part or in full, new and existing energy efficient residential buildings in Norway. All relevant Green Bond information can be found on the Issuer's dedicated website at: https://www.sparebank1.no/en/sor-norge/about-us/investor/financial-info/debt-investors.html Exp Ratings: Aaa (Moody's) Size: €1bn Maturity Date: 27 February 2033 (soft bullet), 7y Settlement Date: 27-Feb-26 (T+7) Coupon: 2.75%, fixed, annual, Act/Act (ICMA) Reoffer Spread: MS+22bp Reoffer Px./Yld: 99.73 / 2.793% Benchmark: DBR 2.3 02/2033 (DE000BU2Z007) +28.9bp (cash px 98.706), HR: 100% Documentation: SR-Boligkreditt EUR 20,000,000,000 Euro Medium Term Covered Note Programme dated 2nd July 2025. Target Market: Eligible counterparties and professional clients only. No PRIIPs key information document ("KID") has been prepared as not available to retail in EEA or UK Listing: Luxembourg Stock Exchange Denoms: €100,000 + €1,000 Governing Law: English law, save as to Condition 2(a) "Status of the Ordinary Notes", which will be governed by Norwegian law ISIN: XS3305169255 Joint Lead Managers: DZ Bank, Erste Group (B&D), ING, LBBW, Natixis Green Bond Structurer: ING Advertisement: The Base Prospectus dated 02 July 2025 and the Final Terms, when published, will be available at: https://www.sparebank1.no/en/sor-norge/about-us/investor/financial-info/sr-boligkreditt.html Timing: Priced, TOE 14:05 CET, FTT 14:30 CET
Use of Proceeds
The Issuer intends to allocate an amount equal to the net proceeds of the Green Notes to finance or refinance, in part or in full, new and existing energy efficient residential buildings in Norway
Relative Value

COMPS

Issuer

CPN

Maturity

M/S&P/F

EUR Size (m)

Rem. Life

Isprd

ISIN

DNB BOLIGKREDITT

2.750

19/01/2032

Aaa/AAA/n.a.

1500

5.9

18

XS3275406885

MUNHYP Hypf

2.750

09/02/2033

Aaa/n.a./n.a.

500

7.0

17

DE000MHB42J6

HASPA (Green Hypf)

2.875

10/02/2033

Aaa/n.a./n.a.

500

7.0

18

DE000A460FN8

DANSKE BANK A/S Covered

2.875

13/02/2034

n.a./AAA/n.a.

750

8.0

24

XS3296428017

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