Commentary & Deal Flow

Launched: 11NC6: €500m @ MS+100bp - Books above €2.65bn (incl 75m JMLs) pre-rec
Book Update: Books above €2bn (incl €75m JLM)
IPTs: 11NC6: MS+130a

• Issuer: Skandinaviska Enskilda Banken AB (publ) ("SEB")
• Issuer LEI: F3JS33DEI6XQ4ZBPTN86
• Issuer Credit Rating: Aa3 / AA- / AA+ (Stable / Stable / Stable) (Moody's / S&P / Fitch)
• Expected Issue Ratings: A3 / A- / A (Moody's / S&P / Fitch)
• Status of the Notes: Tier 2 Subordinated Notes, Unsecured
• Ranking Condition: Condition 3B applies (Status – Subordinated Notes)
• Offering Format: Reg S only, NGN, Bearer form, TEFRA D rules apply (no communications with or into the U.S. or Canada)
• Trade Date: 11-Aug-26
• Settlement: 18-Aug-26 (T+5)
• Maturity: 18-Aug-37
• Optional Redemption Date: 18-Aug-32
• Size: €500m
• Launched: MS+100bps
• Books Subject: 12:00 UKT / 13:00 CEST
• Coupon: Fixed [•]% payable annually until the Optional Redemption Date, then reset to the prevailing 5-year EUR Mid Swap Rate + Re-offer Spread, payable annually
• Day Count Fraction: Actual/Actual (ICMA)
• Optional Early Redemption (Issuer Call): The Bank may, upon the expiry of the appropriate notice, redeem all (but not some only) of the Notes then outstanding on the Optional Redemption Date and at the Optional Redemption Amount together with interest accrued to (but excluding) the relevant Optional Redemption Date, subject to approval by the Swedish FSA
• Early Redemption: Upon the occurrence of a Capital Event or a Tax Event, SEB may redeem all (but not some only) of the Notes, at their Early Redemption Amount (par), together, if appropriate, with interest accrued to (but excluding) the date of redemption (subject to prior approval of relevant authority)
• Substitution or Variation: If at any time a Capital Event or Tax Event occurs, or to ensure effectiveness or enforceability of Condition 16.03 (Bail-in and Loss Absorption Power) SEB may at any time either substitute all (but not some only) of the Notes for, or vary the terms of the Notes provided that they become Qualifying Notes instead of redeeming the Notes (subject to prior approval of relevant authority)
• Events of Default: Condition 6B applies
• Waiver Set-Off: Condition 3C applies
• Business Day Convention: Following business day convention, unadjusted
• Business Days: T2
• Denominations: €100,000 and integral multiples of €1,000 thereabove
• Clearing: Euroclear / Clearstream
• Law: English law, except provisions related to the Status of the Notes which shall be governed by Swedish law
• Listing: Euronext Dublin (Regulated Market)
• ISIN: XS3473782244
• Documentation: SEB’s Global Programme for the Continuous Issuance of Medium Term Notes and Covered Bonds (the “Programme”) with information memorandum dated 12-Jun-26 (the “Information Memorandum”)
• Selling Restrictions: As per the Programme
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in respect of the placement of the Notes
• Target Market: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as not available to retail in EEA or the UK.
• Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, J.P. Morgan, SEB, UBS Investment Bank
• Advertisement: The Information Memorandum is available, and the Final Terms, when published, will be available at https://sebgroup.com/investor-relations/debt-investors
• Timing: Today's business