Commentary & Deal Flow

Launched: €700m @ MS+95bp

Books in excess of €3.7bn (pre-rec, good at guidance)

IPTs: MS+135bp area

• • Issuer: Danfoss Finance I B.V.
  • Guarantors: Danfoss A/S and Danfoss Power Solutions Inc.
  • Issuer LEI: 549300LGLOQFR0NQEZ82
  • Guarantors LEI: Danfoss A/S: 5493007I2KABJNYPD639 Danfoss Power Solutions Inc.: 549300PK7NWWQW76GD69
  • Guarantor Ratings: Danfoss A/S: Baa1 (stable) by Moody’s, BBB (stable) by S&P
  • Expected Issue Rating: Baa1 by Moody’s
  • Status / Format: Senior Unsecured, Reg S, Registered, NSS
  • Settlement Date: 01-Apr-26 (T+5)
  • Maturity Date: 30-Jun-33 (7.25-Year)
  • Size: €700m
  • Coupon: Fixed, Annual, Act/Act (ICMA), Short First Coupon
  • Reference Benchmark: DBR 2.3% Feb-33 TWIN (ISIN: DE000BU2Z007)
  • ISIN / Common Code: XS3326479469 / 332647946
  • Change of Control Put: Yes, at Par
  • Redemption Options: 3m Par Call, Clean-up Call (75%) at Par, MWC
  • Docs / Denoms: EMTN / LuxSE (Euro MTF market) / English Law / €100k + €1k
  • Use of Proceeds: General corporate purposes and the refinancing of existing indebtedness
  • Clearing: Euroclear and Clearstream
  • Business Days: T2
  • Business Day Convention: Following, Unadjusted
  • Marketing: URL: https://www.netroadshow.com Entry Code: DANFOSS26 Direct Link: https://www.netroadshow.com/nrs/home/#!/?show=1b0b9ec2
  • Selling Restrictions: As per the EMTN Programme (Reg. S Compliance Category 2; TEFRA N/A), including the United States of America, the EEA, the Kingdom of Denmark, The Netherlands, the United Kingdom, Belgium, Japan, Singapore, Switzerland and Canada
  • Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK PRIIPs KID has been prepared as not available to retail in the EEA or the UK, respectively.
  • Joint Bookrunners: BNP Paribas, Citi (B&D), Nordea, SEB
  • Schedule: Books open, today’s business. Allocations & pricing this PM