Commentary & Deal Flow

Reoffer:
3yr: SARON MS+35 / 100 / 0.575%
6yr: SARON MS+55 / 100 / 0.9425%
10yr: SARON MS+70 / 100 / 1.315%
15yr: SARON MS+83 / 100 / 1.6325%

Benchmark:
3yr: Govt +48.1bp
6yr: Govt +69.8bp
10yr: Govt +93.8bp
15yr: Govt +106.1bp

Launched:
3yr: CHF 180m @ SARON MS+35bp
6yr: CHF 400m @ SARON MS+55bp
10yr: CHF 335m @ SARON MS+70bp
15yr: CHF 175m @ SARON MS+83bp

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
• Format: Public Fixed-Rate Notes
• Ranking: Senior Unsecured
• Issuer Rating: Aa3 (stable) by Moody's, AA (stable) by S&P
• Instrument Rating (exp): AA by S&P
• Size:
• • 3yr: CHF 180m
  • 6yr: CHF 400m
  • 10yr: CHF 335m
  • 15yr: CHF 175m
• Coupon:
• • 3yr: 0.5750% p.a. (30/360, following unadj.)
  • 6yr: 0.9425% p.a. (30/360, following unadj.)
  • 10yr: 1.3150% p.a. (30/360, following unadj.)
  • 15yr: 1.6325% p.a. (30/360, following unadj.)
• Maturity:
• • 3yr: 11-Jun-29
  • 6yr: 11-Jun-32
  • 10yr: 11-Jun-36
  • 15yr: 11-Jun-41
• Spread/Yield:
• • 3yr: SARON MS +35.0 // YTM 0.5750% // Govt + 48.1
  • 6yr: SARON MS +55.0 // YTM 0.9425% // Govt + 69.8
  • 10yr: SARON MS +70.0 // YTM 1.3150% // Govt + 93.8
  • 15yr: SARON MS +83.0 // YTM 1.6325% // Govt + 106.1
• Issue Price:
• • 3yr: 100.000%
  • 6yr: 100.000%
  • 10yr: 100.000%
  • 15yr: 100.000%
• ISIN / Valor:
• • 3yr: CH1572819956 / 157.281.995
  • 6yr: CH1572819964 / 157.281.996
  • 10yr: CH1572819972 / 157.281.997
  • 15yr: CH1572819980 / 157.281.998
• Lead Manager(s): Deutsche Bank, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• 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
• Use of Proceeds: General corporate purposes
• 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.
• Governing Law: English law
• Covenants: PP, NP, XD
• SIX Listing: 10-Jun-26
• Settlement: 11-Jun-26
• Denomination: CHF 100,000 and multiples thereof
• 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.