Commentary & Deal Flow

Launched: 2yr: €1.5bn @ BKO+11bp - Books in excess of €3.4bn (inc. €150m JLM)
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: €1.5bn
• 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
• Benchmark: BKO 2.5% 14-Jun-28
• Hedge Ratio: 101% vs. BKO 2.5% 14-Jun-28
• 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 (B&D), 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 to close at 11:15 UK / 12:15 CET.
• Hedge Deadline: 13:10 UKT / 14:10 CET