Commentary & Deal Flow

Reoffer: 6NC5: MS+90bp / 99.616 / 3.710%
Benchmark: 6NC5: DBR 0% 15-Feb-31 @ 88.170 / B+106bp / HR 112%

Peak book: North of €2.9bn (excl. JLM, pre-rec)

Launched: 6NC5: €500m @ MS+90bp - Books north of €2.9bn (excl. JLM, pre-rec)
IPTs: 6NC5: MS+120a

• Issuer: Jyske Bank A/S (Ticker: JYBC)
• LEI: 3M5E1GQGKL17HI6CPN30
• Status: Non-Preferred Senior Notes
• Issuer Rating: A+, Stable (S&P)
• Exp. Issue Ratings: BBB+ (S&P)
• Format: Reg S Eurobond, Registered Notes
• TEFRA Certification: TEFRA Not Applicable
• Currency: EUR
• Issue Size: €500m
• Announce Date: 22-Apr-26
• Settlement Date: 30-Apr-26 (T+6)
• Maturity Date: 30-Jun-32
• Optional Redemption Date/Reset Date: 30-Jun-31
• Reoffer: 99.616 / MS+90 / 3.710%
• Benchmark: 106bps vs DBR 0% Feb-31 @ 88.170 / HR 112%
• Coupon: 3.625% Fixed, annual (short first), Actual/Actual ICMA, unadjusted
• Fixed Reset Rate of Interest: 1 Year MS+90bps per annum. Interest will be calculated on the basis of Actual/Actual - ICMA
• Subsequent Reference Rate: Mid-Swap Rate
• Interest Payment Dates: The Initial Rate of Interest will be payable annually in arrear on 30 June in each year, from (and including) 30 June 2026 up to (and including) the Optional Redemption DateFrom (and including) the Optional Redemption Date to (but excluding) the Maturity Date, interest on the Notes will accrue at the Fixed Reset Rate of Interest and will be payable in arrear on the Maturity DateThere will be a short first coupon in respect of the Interest Period from and including the Interest Commencement Date to but excluding 30 June 2026
• Call Option: The Issuer may redeem the Notes in whole on the Optional Redemption Date as per Condition 8(e) (subject to Condition 8(I))
• Early Redemption for Tax Reasons: For tax reasons as per Condition 8(b)(A)
• MREL Disqualification Event: Applicable as per Condition 8(d) (subject to Condition 8(l))
• MREL Substitution/Variation Option: Applicable as per Condition 8(k) (subject to Condition 8(l))
• Events of Default: No Events of Default, limited Enforcement Events as described in the Prospectus
• Waiver of Set-Off: No Noteholder shall be entitled to exercise any right of set-off or counterclaim in respect of the Notes
• Statutory Loss Absorption: Each Noteholder acknowledges that the Notes may be subject to Danish Statutory Loss Absorption Powers
• Denominations: €100k + €1k
• Listing: Euronext Dublin (regulated market)
• Governing Law: The Notes will be governed by, and will be construed in accordance with, Danish law as described in the Prospectus
• Clearing: Euroclear / Clearstream
• Documentation: Issuer’s €10bn EMTN programme prospectus dated 21-Apr-26 (the “Prospectus”). Terms used but not otherwise defined herein shall have the same meaning as in the Prospectus.
• Use of Proceeds: An amount equivalent to the net proceeds from the issue of the Notes will be applied to finance or re-finance, in whole or in part, Green Loans (as defined in the Prospectus) located predominantly in the Nordic region and originated by the Issuer that promote the transition to low-carbon, climate resilient and sustainable economies, in each case as determined by the Issuer in accordance with the Green Loan categories set out in the Issuer’s Green Finance Framework
• Joint Bookrunners: Danske Bank, Goldman Sachs International (B&D), J.P. Morgan, Jyske Bank, UBS Investment Bank
• Fees: The Joint Lead Managers will receive a fee for the marketing and distribution of the above detailed primary bond deal
• MiFID Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in EEA or in UK.
• ISIN / Common Code: XS3358396763 / 335839676
• Advertisement: The Prospectus is available and the Final Terms, when published, will be available on the website of Euronext Dublin at: https://live.euronext.com/en/product/bonds-detail/24198/overview
• Selling Restrictions: As per the Base Prospectus
• Timing: PRICED - TOE 14:04 LDN / 15:04 CET FTT 14:20 LDN / 15:20 CET