Commentary & Deal Flow

Launched: 5yr: €1bn @ MS+48bp - Books above €2.75bn (pre-rec)
Book Update: Books above €2bn (pre-rec)
IPTs: 5yr: MS+75a

• Issuer: Nordea Bank Abp (Ticker: NDAFH)
• LEI: 529900ODI3047E2LIV03
• Issuer Ratings: Aa2 (Negative) / AA- (Stable) / AA- (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Ratings: Aa2 / AA- / AA (Moody’s / S&P / Fitch)
• Offering Format: Reg S only, Bearer form, TEFRA D (no communications with or into the U.S. or Canada (excluding Ontario, Alberta and British Columbia))
• Status of the Notes: Senior Preferred Notes constituting direct, unsecured and unguaranteed obligations of the Issuer
• Maturity Date: 29-Apr-31 (5yr)
• Settlement: 29-Apr-26 (T+5)
• Issue Size: €1bn
• Benchmark: OBL 2.50% Apr-31 #193 / HR 99%
• Hedge Deadline: 13:45 LDN / 14:45 CET
• Coupon: Fixed, Annual, payable in arrear
• Coupon Payment Dates: 29 April every year, commencing on 29-Apr-27 until the Maturity Date
• Day Count Fraction / Business Day Convention: Act/Act (ICMA), Following, Unadjusted
• Early Redemption: The Issuer may redeem the Notes as a result of (i) a Withholding Tax Event (Condition 6(b)), (ii) a Tax Event (Condition 6(c)), or (iii) an MREL Disqualification Event (Condition 6(d)), subject in each case (to the extent applicable) to the Conditions to Redemption set out in Condition 6(k)
• Events of Default: Restricted Events of Default (Condition 7(b))
• Substitution and Variation: Condition 17 (Substitution and Variation) applies
• Clean-up Call Option: Applicable. At the option of the Issuer at any time if the outstanding principal amount of the Notes is 25 per cent. or less of the aggregate nominal amount of the Notes originally issued (Clean-Up Call), the Issuer may redeem all (but not some only) of the remaining outstanding Notes on any date at the principal amount together with accrued interest up to (but excluding) the date of redemption (if any), subject (to the extent applicable) to the Conditions to Redemption set out in Condition 6(k)
• Waiver Set-off: No Holder of the Notes shall be entitled to exercise any right of set-off, netting or counterclaim against moneys owed by the Issuer in respect of the Notes (Condition 4(d))
• Acknowledgement of Bail-in and Loss Absorption Powers: Condition 19 (Acknowledgement of Bail-in and Loss Absorption Powers) applies
• Denominations: €100k + €1k
• Listing: Euronext Dublin (regulated)
• Clearing: Euroclear / Clearstream, Luxembourg
• Governing Law: Finnish law
• Documentation: €50,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 12-May-25 (the “Base Prospectus”), and any applicable supplement
• Selling Restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance, as appropriate) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Fees: The Bookrunners will be paid a fee in connection with the transaction
• Use of Proceeds: General banking and other corporate purposes
• Bookrunners: Nordea (B&D/DM), Barclays, BofA Securities, HSBC, UniCredit
• Books Subject: Books will go subject 11:45 UKT / 12:45 CET
• Timing: Today's business
• ISIN / Common Code: XS3357292930 / 335729293
• Advertisement: The Base Prospectus, and any applicable supplements, are available at https://www.nordea.com/en/investor-relations/debt-and-rating/Prospectuses/nordea-bank-abp-base-prospectus and the Final Terms, when published, will be available at https://www.ise.ie/