Commentary & Deal Flow

Launched: 5yr: €1bn @ MS+24bp - Books good at reoffer above €1.35bn (incl. €110m JLM)
Spread set at: 5yr: MS+24bp - Books above €1.45bn (incl. €210m JLM)
Guidance: 5yr: MS+29a

• Issuer: Sparebanken Norge Boligkreditt AS (SNOBNO)
• LEI: 213800M7T3CYVZ3ZRT12
• Issue Type: Norwegian Covered Bonds backed by residential Norwegian mortgages (European Covered Bond (Premium) and ECBC Covered Bond Label compliant)
• Format: Reg S, Bearer
• Expected Rating: Aaa (Moody's)
• Size: €1bn
• Settlement: 16-Apr-26 (T+6)
• Maturity: 16-Apr-31 – soft bullet
• Coupon: Fixed, Annual, Act/Act ICMA
• Denoms: €100k+1k
• ISIN: XS3343433085
• Listing/Law: Luxembourg Stock Exchange/ English Law
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Joint Leads: DekaBank, Helaba, HSBC, Natixis, Nordea, NORD/LB
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: Books are now closed. Allocations and pricing this afternoon.
• Advertisement: The Prospectus, any supplements and the Final Terms (when published) will be available at: https://www.spv.no/om-oss/investor-relations/boligkreditt/emtn-programme-and-final-terms