Commentary & Deal Flow

Reoffer: 5yr: MS+58bp / 99.891 / 3.399%
Benchmark: 5yr: OBL 2.5 16-Apr-31 #193 @ 99.13 / B+71.2bps / HR: 99%

Final Books: Over €1.35bn (pre-rec)

Launched: 5yr: €500m @ MS+58bp - Books over €1.35bn (pre-rec)
Book Update: Books over €1bn
IPTs: 5yr: MS+80-85bp

• Issuer: Sparebanken Norge (ticker: SBNOR)
• LEI: 213800M7T3CYVZ3ZRT12
• Expected Issue Rating: Aa3 by Moody’s
• Instrument: Green Senior Preferred Notes
• Status: Senior Preferred Notes constituting direct, unconditional, unsubordinated, and unsecured obligations of the Issuer
• Format: Reg S, Bearer, NGN
• Size: €500m
• Settlement Date: 13-May-26 (T+5)
• Maturity Date: 13-May-31
• Re-Offer: MS+58bps / 3.399% / 99.891
• Benchmark: OBL 2.5 16-Apr-31 #193 (99.13 / B+71.2bps / HR: 99%)
• Rate of Interest: 3.375%, Fixed, Annual, ACT/ACT (ICMA)
• Early Redemption Event: Applicable at par as per Condition 6(b) Redemption for Taxation Reasons and per Condition 6(j) MREL Disqualification Event
• Events of Default: Limited event of default provisions as per Condition 9
• Substitution & Variation: Applicable as per Condition 6(l)
• Documentation: Issued under the Sparebanken Norge EUR 3,000,000,000 Euro Medium Term Note Programme including the Base Prospectus dated 24-Oct-25 (the “Base Prospectus”)
• Governing Law: English Law (except Conditions 2, 18 and 19 which will be governed by, and construed in accordance with, Norwegian law)
• Use of Proceeds: The issuer intends to allocate an amount equal to the net proceeds from the issue of the Notes to finance or re-finance, in whole or in part, Green Loans pursuant to the Issuer’s Green Bond Framework, which is available on the website of the Issuer alongside the second party opinion. Neither document is incorporated by reference into the Base Prospectus.
• Listing: Luxembourg Stock Exchange’s regulated market
• Clearing: Euroclear / Clearstream, Luxembourg
• Set-Off: No right of Set-Off
• Denominations: €100k + €1k
• Business Days: T2
• Selling Restrictions: As set out in the Base Prospectus dated 24-Oct-25
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No EEA PRIIPs KID or disclosure document required by DISC – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by DISC has been prepared as not available to retail in the EEA or the UK
• Fees: The Banks will be paid a fee by the Issuer in connection with the transaction
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available on the website of the issuer and of the website of Luxembourg Stock Exchange
• Joint Lead Managers: Barclays, Danske Bank A/S, Goldman Sachs International, ING, J.P. Morgan (B&D), Santander CIB
• Sole Green Bond Structurer: ING
• ISIN: XS3370264437
• Timing: TOE 14:04 UKT / FTT 14:25 UKT