Commentary & Deal Flow

Danske Bank A/S (DANBNK), exp issue ratings Baa1/A-/A+/A (issuer ratings A1/A+/A+/A+ (s/s/s/p) by Moody's/S&P/Fitch/Scope), US$ benchmark 144A/Reg S 6nc5 fixed rate reset unsecured and non-preferred sr notes due 9/11/31. 6nc5 FRN tranche dropped at guidance. BofA/Danske/JPM/MS/TD joint books. Optional redemption date: 9/12/30. Coupon: FRR: Fixed-to-Fixed, Semi-Annual, 30/360, FRN: Floating Rate, Quarterly, Actual/360. Reset Rate Coupon: If the Call Option has not been exercised, from (and including) the Optional Redemption Date (Call) until (but excluding) the Maturity Date (the “Reset Rate Period”), 1 year CMT Rate + [●] bps. During the Reset Rate Period, interest will be payable semi-annually in arrear on March 12 and September 12 in each year, commencing on March 12 2031. Interest payment dates: FRR: Interest will be payable semi-annually in arrear on March 12 and September 12 in each year, commencing on March 12 2026, FRN: Interest will be payable quarterly in arrear on March 12, June 12, September 12 and December 12 in each year, commencing on December 12 2025. Redemption following a tax event: Redemption upon the occurrence of a Tax Event applies as described in Condition 11.2 in the Base Information Memorandum. MREL Redemption: Redemption upon the occurrence of a MREL Disqualification Event applies as described in Condition 11.3 in the Base Information Memorandum. Denoms: 200,000 x 1,000. Governing Law: English/Danish Law. Expected Listing: Euronext Dublin. Sale into Canada: Yes - Ontario only - via exemption. UOP: gcp. Pricing 9/8. Settle 9/12 (T+4). 144A CUSIP: FRR: 23636ABL4, FRN: 23636ABM2. 144A ISIN: FRR: US23636ABL44, FRN: US23636ABM27.

IPTs: FRR: T+105-110, FRN: SOFR equiv.

GUIDANCE: 6NC5 FRR at T+85#. 6nc5 FRN dropped.