Commentary & Deal Flow

Reoffer: 3yr: MS+11bp / 99.827 / 2.936%
Benchmark: 3yr: OBL 2.1 12-Apr-29 #189 @ 98.52% / B+32.4bp (HR 99%)

Final Books: Over €1.4bn (incl. €100m JLM interest)

Launched: 3yr: €1bn @ MS+11bp - Books over €1.4bn (incl. €100m JLM interest)
IPTs: 3yr: MS+16bp area

• Issuer: Nordea Mortgage Bank Plc
• Legal Entity Identifier: 7437001LESKGLAEOEU84
• Expected Issue Ratings: Aaa (Moody's)
• Status of the Covered Bonds: Bearer Covered Bonds
• Form of the Covered Bonds: Reg S Bearer - New Global Covered Bond (NGCB) form
• Label: Eurooppalainen katettu joukkolaina (premium) (European Covered Bond (Premium))
• Nominal Amount: €1bn
• Launch Date: 25-Mar-26
• Settlement Date: 01-Apr-26 (T+5)
• Maturity Date: 03-Apr-29 (3-year)
• Extended Maturity Date: Interest Payment Date falling in or nearest to 03-Apr-30. Any extension is subject to Condition 5(j) of the EUR 25bn Covered Bond Programme
• Reoffer: MS+11bp / 99.827% / 2.936%
• Spread vs benchmark: OBL 2.1 12-Apr-29 #189 (98.52%) +32.4bps (HR 99%)
• Use of Proceeds: The Issuer intends to apply an amount equal to the net proceeds of the Covered Bond to directly or indirectly, finance or refinance Green Assets, in accordance with the Programmatic European Green Bond Factsheet 2026.
• European Green Bonds: Yes. Date of the Programmatic European Green Bond Factsheet and Pre-issuance External Review: 23-Mar-26 (these are available at https://www.nordea.com/en/investors/debt-and-rating/sustainable-funding but are not incorporated by reference in, nor form part of, this termsheet, the relevant Final Terms or the Base Prospectus)
• Interest Payment Dates (for the period up to and including the Maturity date): On 3 April each year commencing on 03-Apr-27 up to (and including) the Maturity Date
• Coupon (for the period up to and including the Maturity date): 2.875% payable annually, Act/Act (ICMA), Following, Unadjusted
• Extension of Maturity Date: The Issuer may redeem the European Green Covered Bonds in whole, or in part, on the Maturity Date or any Interest Payment Date thereafter up to (and including) the Extended Maturity Date
• Interest Payment Dates (for the period from the Maturity Date until the Extended Maturity Date): Monthly, commencing on 03-Apr-29 up to (and including) the Extended Maturity Date
• Coupon (for the period from the Maturity Date until the Extended Maturity Date): 1-month Euribor +0.11% , Act/360, Adjusted, Modified Following
• Denominations: €100k + €1k
• Redemption Amount: 100% of the outstanding nominal amount
• Clearing: Euroclear / Clearstream, Luxembourg
• Listing: Euronext Dublin
• Governing Law: Finnish law
• ISIN: XS3330368518
• Manufacturer Target Market: The Manufacturer target market is eligible counterparties and professional clients (all distribution channels), each as defined in MiFID II. No EU PRIIPs key information document or UK PRIIPs key information document has been prepared as not available to retail in EEA or in the UK
• Documentation: In accordance with the Issuer's EUR 25,000,000,000 Covered Bond Programme, with the Base Prospectus dated 25-Sep-25
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/doc/nmb-u25-base-prospectus.pdf and Final Terms, when published, will be available at http://www.ise.ie
• Selling Restrictions: Reg S. Cat 2, TEFRA D as per the Covered Bond Programme
• Joint Lead Managers: Crédit Agricole CIB, Deutsche Bank, DZ Bank, Nordea, Société Générale (B&D)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in connection with the transaction
• Timing: TOE 13:35 UKT, 14:35 CET / FTT 14.00 UKT, 15.00 CET