Commentary & Deal Flow

Reoffer: 10NC5: MS+98bp / 99.888 / 3.9%
Benchmark: 10NC5: OBL 2.5% 16-Apr-31 @ B+111.9

Final Books: Books above €1.9bn.

Launched: 10NC5: €500m @ MS+98bp - Books above €1.9bn
IPTs: 10NC5: MS+125a

• Issuer: Nordea Bank Abp (NDAFH)
• Expected Ratings: A3/A-/A (Moody's/S&P/Fitch)
• Format: Reg S, Bearer, Green Bond
• Size: €500m
• Ranking: Tier 2
• Maturity: 16-Jun-36
• Optional Redemption Dates: 16-Jun-31 and any Interest Payment Date thereafter
• Coupon: 3.875%, fixed until the Optional Redemption Date, if not called resets to the sum of the applicable Single Mid-Swap Rate and the Reset Margin, payable annually in arrear on 16 June every year.
• Day Count: Annual, Act/Act (ICMA)
• Calls: Tax changes call, regulatory / capital disqualification call
• Use of Proceeds: An amount equal to the net proceeds of the Notes is intended to be used, directly or indirectly, to finance or refinance green bond assets evaluated and selected by the Issuer pursuant to Nordea’s Green Funding Framework published in March 2025.
• Denominations: €100,000 x €1,000
• Bookrunners: GS, MS, Nordea, SocGen, UBS
• Settlement: 16-Jun-26
• ISIN: XS3406830052
• Timing: FTT 14:05 London time