Commentary & Deal Flow

Spread set at:
3yr: SARON MS+35bp
6yr: SARON MS+55bp
10yr: SARON MS+70bp
15yr: SARON MS+83bp

Guidance:
3yr: SARON MS+35a
6yr: SARON MS+55a
10yr: SARON MS+70a
15yr: SARON MS+83a

IPTs:
3yr: SARON MS+35/40bp
6yr: SARON MS+52/57bp
10yr: SARON MS+68/73bp
15yr: SARON MS+80/85bp

• Issuer: Novo Nordisk A/S
• Ticker: NOVOB
• Issuer Domicile: Denmark
• Issuer Ratings: Aa3 (stable) by Moody's, AA (stable) by S&P
• Expected Instrument Rating: AA by S&P
• Format: Public Fixed-Rate Notes
• Ranking: Senior Unsecured
• Size:
• • 3yr: Min. CHF 175m
  • 6yr: Min. CHF 375m
  • 10yr: Min. CHF 300m
  • 15yr: Min. CHF 175m
• Joint Bookrunners: Deutsche Bank, BNP Paribas
• Maturity:
• • 3yr: 11-Jun-29
  • 6yr: 11-Jun-32
  • 10yr: 11-Jun-36
  • 15yr: 11-Jun-41
• Coupon:
• • 3yr: 0.570% p.a. (indicative, will price at par)
  • 6yr: 0.950% p.a. (indicative, will price at par)
  • 10yr: 1.318% p.a. (indicative, will price at par)
  • 15yr: 1.635% p.a. (indicative, will price at par)
• Spread/Yield:
• • 3yr: SARON MS +35.0 // YTM 0.5700% // Govt + 47.6
  • 6yr: SARON MS +55.0 // YTM 0.9500% // Govt + 70.5
  • 10yr: SARON MS +70.0 // YTM 1.3175% // Govt + 94.1
  • 15yr: SARON MS +83.0 // YTM 1.6350% // Govt + 106.4
• Day Count: 30/360, following unadjusted
• Use of Proceeds: General corporate purposes
• Documentation: Under the Issuer’s €30,000,000,000 EMTN Programme Base Prospectus
• Early Redemption: 1-month Par Call on Tranche 1, 3-month Par Call on Tranche 2-4, Clean-up Call (85% threshold), Tax Call
• Governing Law: English law
• Covenants: PP, NP, XD
• Denominations: CHF 100,000 and multiples thereof
• Listing: SIX on 10-Jun-26
• Settlement: 11-Jun-26
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• FinSA Prospectus: Base Prospectus is deposited with and recognized by the Swiss Prospectus Office pursuant to Art. 54(2) FinSA. Final Terms available in accordance with Art. 45 (3) FinSA. Public Offering in Switzerland only.
• Selling Restrictions: In particular United States and US persons, European Economic Area, United Kingdom, Japan, Belgium, Denmark, The Netherlands, Singapore, Canada, each as per the Issuer’s EMTN Programme Base Prospectus. No public offer in the EEA and the UK (Prohibition of sales to retail investors in the EEA and the UK).
• Target Market: The manufacturer target market under MiFID II product governance is eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions.
• Timing: Today's business.
• Books Subject: To close at 12:30 CET, pricing to follow thereafter