Commentary & Deal Flow

Launched: 10yr: €500m @ MS+60bp - Books over €2.65bn (pre-rec)
IPTs: 10yr: MS+90/95bp area

• Issuer: DSB
• Issuer LEI: 549300N1UM8EN53DYX14
• Issuer Rating: Aa1 (stable outlook) (Moody's)
• Expected Issue Rating: Aa1 (stable outlook) (Moody's)
• Format: Reg S Bearer, Senior, Unsecured, NGN
• Size: €500m
• Settlement Date: 22-Apr-26 (T+5)
• Maturity: 22-Apr-36
• Coupon: Fixed / Annual / Act/Act
• Par Call: Yes, 3-month
• Optional Redemption: Par Call / MWC / Tax Call at Par / Clean-up Call (80%) at Par
• Listing: Euro MTF of the LuxSE
• ISIN: XS3351033785
• Docs: Issuer’s €3,000,000,000 EMTN Programme Base Prospectus dated 12-Feb-26
• Denoms: €100,000 + increments of €1,000 in excess thereof
• Use of Proceeds: Financing or refinancing of Green Eligible Projects as defined in DSB's Green Bond Framework dated January 2024
• Selling Restrictions: Reg S, Cat. 2; TEFRA D; as stipulated in the EMTN Base Prospectus
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is professional clients and eligible counterparties only (all distribution channels). No KID / No EU PRIIPs or UK PRIIPs
• Bookrunners: Citi, Crédit Agricole CIB, Danske Bank, Nordea (B&D) and SEB
• Advertisement: The Base Prospectus is available, and the final terms in due course will be available at: https://www.dsb.dk/en/about-dsb/investor-relations/
• Timing: Books open, today’s business