Commentary & Deal Flow

Book Update: Orderbook US$1bn+

Guidance: 5yr: SOFR MS+52bp

• Issuer: DNB Boligkreditt AS
• Legal Entity Identifier: 5967007LIEEXZX659K67
• Expected Issue Ratings: Aaa/AAA (Moody's/S&P)
• Status of the Bonds: Norwegian Covered Bonds backed by prime Norwegian residential mortgages
• Covered Bond Label: European Covered Bond (Premium)
• Currency: USD
• Size: US$750m Min
• Guidance: SOFR MS+52bps
• Format: Bearer – New Global Covered Bond (NGCBN) form, held in a manner intended to be Eurosystem eligible
• Launch date: 7-Apr-26
• Settlement Date: 16-Apr-26 (T+7)
• Maturity Date: 16-Apr-31 (5 year)
• Extended Final Maturity Date: 16-Apr-32; option to extend as defined by the Programme
• Coupon until Maturity Date: [•]% annually payable on 16 April each year, with the first coupon payable on 16 April 2027. 30/360, unadjusted, following
• Business Days: London, New York, Oslo
• Redemption Amount: 100% of the outstanding nominal amount
• Denominations: US$200,000 (and integral multiples of US$1,000 in excess thereof)
• Fees: The Lead Manager will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• Documentation: Under the Issuer’s EUR60bn Euro Covered Bond Programme dated 27 June 2025
• Use of Proceeds: General Corporate Purposes
• Listing/Law: Irish Stock Exchange / English law, except Conditions 2 and 11 of the Programme which are subject to Norwegian law
• ISIN Code: XS3338901781
• Common Code: 333890178
• Clearing: Euroclear / Clearstream, Luxembourg
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA and in the UK
• Bookrunner: BMO (B&D/DM)
• Timing: Books open, today's business
• Advertisement: https://ir.dnb.no/sites/default/files/260109%20DNBBank%20-%20DNB%20Boligkreditt.pdf
• Link to Base Prospectus: https://www.ir.dnb.no/sites/default/files/DNB%20Boligkreditt%20CB%20Update%202025%20-%20Base%20Prospectus%20(Final%20Version).pdf