Commentary & Deal Flow

Book Update: Combined orderbooks in excess of €3bn (incl. €665m JLM interest) - skewed to 4y
Guidance: 4yr: MS+20a 10yr: MS+36a

• Issuer: Nordea Mortgage Bank Plc
• Legal Entity Identifier: 7437001LESKGLAEOEU84
• Expected Issue Ratings: Aaa (Moody's)
• Status of the Covered Bonds: Bearer Covered Bonds
• Form of the Covered Bonds: Reg S Bearer - New Global Covered Bond (NGCB) form
• Label: Eurooppalainen katettu joukkolaina (premium) (European Covered Bond (Premium))
• Nominal Amount: € benchmark (each tranche)
• Launch Date: 01-Jun-26
• Settlement Date: 10-Jun-26 (T+7)
• Maturity Date:
• • 4yr: 10-Jun-30 (4-year)
  • 10yr: 10-Jun-36 (10-year)
• Extended Maturity Date:
• • 4yr: Interest Payment Date falling in or nearest to 10-Jun-31. Any extension is subject to Condition 5(j) of the EUR 25bn Covered Bond Programme
  • 10yr: Interest Payment Date falling in or nearest to 10-Jun-37. Any extension is subject to Condition 5(j) of the EUR 25bn Covered Bond Programme
• Initial Guidance:
• • 4yr: MS+20bps area
  • 10yr: MS+36bps area
• Interest Payment Dates (for the period up to and including the Maturity date): On 10 June each year commencing on 10-Jun-27 up to (and including) the Maturity Date
• Coupon (for the period upto and including the Maturity date):
• • 4yr: [●]% payable annually, Act/Act (ICMA), Following, Unadjusted
  • 10yr: [●]% payable annually, Act/Act (ICMA), Following, Unadjusted
• Extension of Maturity Date: The Issuer may redeem the Covered Bonds in whole, or in part, on the Maturity Date or any Interest Payment Date thereafter up to (and including) the Extended Maturity Date
• Interest Payment Dates (for the period from the Maturity Date until the Extended Maturity Date):
• • 4yr: Monthly, on 10 January, 10 February, 10 March, 10 April, 10 May, 10 June, 10 July, 10 August, 10 September, 10 October, 10 November and 10 December commencing on 10-Jun-30 up to (and including) the Extended Maturity Date
  • 10yr: Monthly, on 10 January, 10 February, 10 March, 10 April, 10 May, 10 June, 10 July, 10 August, 10 September, 10 October, 10 November and 10 December commencing on 10-Jun-36 up to (and including) the Extended Maturity Date
• Coupon (for the period from the Maturity Date until the Extended Maturity Date):
• • 4yr: 1-month Euribor +[●]% , Act/360, Adjusted, Modified Following
  • 10yr: 1-month Euribor +[●]% , Act/360, Adjusted, Modified Following
• Denominations: €100k + €1k
• Redemption Amount: 100% of the outstanding nominal amount
• Clearing: Euroclear / Clearstream, Luxembourg
• Listing: Euronext Dublin
• Governing Law: Finnish law
• ISIN:
• • 4yr: XS3401022580
  • 10yr: XS3401025765
• Manufacturer Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients 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 bonds are not available to retail in the EEA or the United Kingdom.
• Documentation: In accordance with the Issuer's EUR 25,000,000,000 Covered Bond Programme, with the Base Prospectus dated 25-Sep-25
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/doc/nmb-u25-base-prospectus.pdf and Final Terms, when published, will be available at http://www.ise.ie
• Selling Restrictions: Reg S. Cat 2, TEFRA D as per the Covered Bond Programme
• Joint Lead Managers: BMO Capital Markets, Barclays, Commerzbank, Deutsche Bank, Natixis, Nordea
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in connection with the transaction
• Timing: Books open, today's business