Commentary & Deal Flow

Reoffer: 5yr: SOFR MS+52bp / 100 / 4.191%
Benchmark: 5yr: 3.875% 31-Mar-31 @ 99-17 3/4 / B+21.7bp / HR 99%

Books: Orderbook > US$1.2bn

Launched: 5yr: US$750m @ SOFR MS+52bp - Orderbook > US$1.2bn
Guidance: 5yr: SOFR MS+52bp
Book Update: Orderbook US$1bn+

• 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
• Reoffer: SOFR (S/A, 30/360) MS+52bps, par, 4.235% ann, 4.191% s/a
• UST Ref: +21.7 bps vs 3.875% 31-Mar-31 @ 99-17 3/4; HR 99%
• 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: 4.235% annually payable on 16 April each year, with the first coupon payable on 16-Apr-27. 30/360, unadjusted, following
• Re-Offer Price: 100
• 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 €60bn Euro Covered Bond Programme dated 27-Jun-25
• 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: Priced, ToE 14:18 Ldn, FTT 14:45 Ldn
• 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