Commentary & Deal Flow

Reoffer: 5yr: MS+24bp / 99.537 / 2.976%
Benchmark: 5yr: OBL 2.500% 16-Apr-31 @ 99.54% + 38bps, HR 98.4%

Final Books: Good at reoffer above €1.35bn (incl. €110m JLM)

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: 5967007LIEEXZX6AO004
• Issue Type: Norwegian Covered Bonds backed by residential Norwegian mortgages (European Covered Bond (Premium) and ECBC Covered Bond Label compliant), ECB repo & LCR Level 1B eligible
• Format: Reg S, bearer
• Expected Rating: Aaa by Moody’s
• Size: €1bn
• Settlement: 16-Apr-26 (T+6)
• Maturity: 16-Apr-31 – soft bullet
• Coupon: 2.875%
• Reoffer: MidSwaps +24 bps, Yield 2.976% , Price 99.537 %
• Benchmark: OBL 2.500% 16-Apr-31 @ 99.54% + 38bps, HR 98.4%
• 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 (B&D), NORD/LB
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: Priced. TOE: 14:21UKT/15:21CET. FTT: 14:35UKT/15:35CET
• Advertisement: The Prospectus, any supplements thereto, and the Final Terms (when published) will be available at: https://www.spv.no/om-oss/investor-relations/boligkreditt/emtn-programme-and-final-terms