Commentary & Deal Flow

Guidance: 2yr: BKO+13a

• Issuer: The Kingdom of Denmark
• LEI: 549300PTO6LS1PTM6607
• Ticker: DENK
• Issuer Rating: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Format: Senior Unsecured, Reg S, Registered
• Size: € Benchmark
• Guidance: BKO 2 ½ 14-Jun-28 +13bps area (currently equivalent to MS-6.9bps)
• Trade Date: 23-Jun-26
• Settlement Date: 30-Jun-26 (T+5)
• Maturity Date: 30-Jun-28 (2-years)
• Coupon: Fixed (FXD), Annual, ACT/ACT
• Documentation: EUR 50,000,000,000 Programme for the Issuance of Debt Instruments dated 02-Jul-24
• Governing Law: English
• Listing: Luxembourg Stock Exchange
• Denominations: €50,000 + €1,000
• ISIN: XS3425713792
• JLMs: Danske Bank, JPM, MS, Nordea
• Target Market: Manufacturer target market (MIFID II / MIFIR product governance) 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 (DISC) has been prepared as not deemed within scope/not available to retail
• Timing: Books open, today's business