Commentary & Deal Flow

Final Books: ~€2.3bn (excl. JLM). Peak book above €2.3bn (pre-rec, excl. JLM).

Launched: 6yr: €750m @ MS+92bp - Books above €2.3bn excl. JLM (pre-rec)
Book Update: Books above €1.5bn (excl. JLM, pre-rec)
IPTs: 6yr: MS+120a

• Issuer: Nykredit Realkredit A/S
• Issuer Ratings: A+ (stable) by S&P / A+ (stable) by Fitch
• Exp. Issue Ratings: BBB+ by S&P / A+ by Fitch
• Issuer LEI: LIU16F6VZJSD6UKHD557
• Format: Fixed Rate Notes
• Form: The Notes will be issued in dematerialized book-entry form in the electronic register of VP Securities A/S.
• Size: €750m
• Settlement: 22-Apr-26 (T+5)
• Maturity: 22-Jan-32
• Coupon: Fixed, Annual, Act/Act (ICMA), Short First Coupon on 22-Jan-27
• Status: Senior Non-Preferred Notes as described in the Base Prospectus
• Benchmark: DBR 0% 15-Aug-31 (HR 113%)
• Tax Event: Early redemption of all (but not some only) of the Notes will be permitted at the option of the Issuer (at par) upon the occurrence of a Tax Event as described in Condition 7(c) (Redemption upon the occurrence of a Tax Event) and subject to the provisions of Condition 7(k) (Conditions to redemption etc.).
• Eligibility Event: Early redemption of all (but not some only) of the Notes will be permitted at the option of the Issuer (at par) upon the occurrence of an Eligibility Event as described in Condition 7(e) (Redemption upon the occurrence of an Eligibility Event) and subject to the provisions of Condition 7(k) (Conditions to redemption etc.).
• Clean-up Redemption: Redemption of all (but not some only) of the outstanding Notes will be permitted at the option of the Issuer (at par) if at least 75 per cent. of the initial aggregate nominal amount of the Notes of the relevant Series have been redeemed or purchased by the Issuer and, in each case, cancelled, as described in Condition 7(g) (Clean-up Redemption Option).
• Sub & Var: If an Alignment Event and/or an Eligibility Event and/or a Rating Methodology Event and/or a Tax Event has/have occurred and is/are continuing, the Issuer may subject to the provisions of Condition 7(k) (Conditions to redemption etc.), at its option, substitute all (but not some only) of such Notes, or vary the terms of all (but not some only) of such Notes without any requirement for the consent or approval of the holders of such Notes, so that they become or remain Qualifying Senior Non-Preferred Notes.
• Loss Absorption: Upon the occurrence of a Resolution Event, the Outstanding Principal Amounts of such Notes may be written-down permanently (in whole or in part) or such Notes may be converted (in whole or in part) into a subordinated instrument of the Issuer, all as determined by the Relevant Regulator and/or the Danish Resolution Authority as described, and subject as provided for in Condition 6 (Loss absorption following a Resolution Event).
• Write Down/Conversion: Applicable, as described in Condition 22 (c)(i) (Recognition of write down or conversion powers).
• Listing: Nasdaq Copenhagen A/S (Regulated market)
• Clearing System: Euroclear/Clearstream & VP Securities A/S
• Selling Restrictions: US (Reg S = Cat 2, TEFRA = N/A), EEA, UK, Denmark, Japan No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as the Notes are not available to retail in EEA or the UK.
• ISIN: DK0030566351
• Governing Law: Danish law
• Documentation: €15bn Euro Medium Term Note Programme (Base Prospectus dated 08-May-25 and as supplemented on 28-May-25 (the “Base Prospectus”)).
• Denoms: €100,000 + 1,000 increments
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://www.nykredit.com/en-gb/investor-relations/
• Joint Lead Managers: Citi (B&D), Crédit Agricole CIB, Morgan Stanley, Nykredit Bank, and UniCredit
• Fees: The Joint Lead Managers will be paid a fee by the Issuer with respect to this transaction
• Target market: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPS KID.
• Hedge Deadline: 14:10 UKT / 15:10 CET
• Timing: Pricing to follow later.