Commentary & Deal Flow

Reoffer: 5NC4: MS+128bp / 100 / 4.266%
Benchmark: 5NC4: OBL 2.4 18-Apr-30 @ 98.445 / B+144.1bp / HR 100%

Final Books: Above €2.2bn. Peak book above €2.25bn.

Launched: 5NC4: €500m @ MS+128bp - Books above €2.25bn
Book Update: Books above €1.5bn
IPTs: 5NC4: MS+160bp area

• Issuer: Luminor Bank AS
• Ticker: LUMINO
• Issuer LEI: 213800JD2L89GGG7LF07
• Issuer Rating: A2 by Moody's
• Expected Issue Rating: Baa2 by Moody's
• Status of the Notes: Senior Non-Preferred Notes, Unsecured
• Format: Reg S, Bearer, New Global Note
• Issue Size: €500m
• Maturity Date: The Interest Payment Date falling in or nearest to 27-May-31
• Optional Redemption Date: 27-May-30
• Settlement Date: 27-May-26 (T+6)
• Reoffer: MS+128bps / 4.266% / 100
• Benchmark: OBL 2.4 18-Apr-30 #191 (98.445 / B+144.1bps / HR: 100%)
• Coupon: 4.266% p.a. Fixed, payable annually until the Optional Redemption Date (Act/Act ICMA, Following, Unadjusted), thereafter 3-month EURIBOR + 128bps (original issue spread, no step-up) p.a. thereafter payable quarterly (Act/360, Mod. Following, Adjusted)
• Business Days: T2, London
• Call Option: The Issuer may redeem the Notes in whole on the Optional Redemption Date (subject to Condition 9(m))
• Substitution and Variation pursuant to Condition 23: Applicable, subject to prior permission of the Relevant Regulator
• Waiver of set-off: No Holder shall be entitled to exercise any right of set-off or counter-claim in respect the Notes
• Events of Default: Restricted Events of Default as described in Condition 13.2
• Documentation: The Issuer’s EUR 5bn Euro Medium Term Note and Covered Bond Programme dated 8-May-26
• Denoms/Listings/Law: €100k x €1k / Euronext Dublin / English law, except for Conditions 4(b) (Status of the Senior Non-Preferred Notes) and 26 (Acknowledgement of Bail-in and Loss Absorption Powers) which are governed by Estonian law
• Acknowledgement of Bail-in and Loss Absorption Powers: Each Noteholder acknowledges and accepts that any liability arising under the Notes may be subject to the exercise of such Bail-in and Loss Absorption Powers as may be exercised by the Relevant Resolution Authority
• Target Market: MiFID II product governance / Professional investors and ECPs only target market. Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID / UK PRIIPs KID – No PRIIPs key information document (KID) / UK disclosure document has been prepared as not available to retail in EEA or UK
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available on the Euronext Dublin Website: live.euronext.com
• Selling Restrictions: United States (Reg S Category 2), Prohibition of Sales to EEA Retail Investors, Prohibition of Sales to UK Retail Investors, Japan and the Republic of Italy
• Fees: The Joint Lead Managers will be paid a fee in connection to the issue of the Notes
• Joint Lead Managers: ABN AMRO, Commerzbank, DNB Carnegie, J.P. Morgan SE (B&D) and Natixis
• Clearing: Euroclear / Clearstream
• ISIN / Common Code: XS3386569803 / 338656980
• Timing: Priced, TOE: 16:04 CEST / 15:04 UKT, FTT: 16:30 CEST / 15:30 UKT