Commentary & Deal Flow

Final Books over €2.25bn. Peak book above €3.1bn (pre-rec)

Launched: 5yr: €1bn @ MS+47bp - Books above €3.1bn (pre-rec)
Book Update: Books >€2bn
IPTs: 5yr: MS+75bp area

• Issuer: Swedbank AB (publ)
• Ticker: SWEDA
• LEI: M312WZV08Y7LYUC71685
• Issuer Ratings: Aa2/AA-/AA+ (Moody's/S&P/Fitch)
• Exp. Issue Ratings: Aa2/AA-/AA+ (Moody's/S&P/Fitch)
• Form of the Notes: Reg S Bearer Notes evidenced by a Temporary Global Note exchangeable for a Permanent Global Note. TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Status: Senior Preferred Notes, Unsubordinated and Unsecured
• Issue Size: €1bn
• Maturity Date: 19-Aug-31
• Interest Payment Dates: Payable annually in arrear on 19 August in each year, from (and including) 19 August 2027 to (and including) the Maturity Date
• Waiver of Set-off: No Holder of Notes who in the event of the liquidation or bankruptcy of the Issuer shall be indebted to the Issuer shall be entitled to exercise any right of set-off, netting or counterclaim against moneys owed by the Issuer in respect of the Notes held by such Holder
• Early Redemption: Upon the occurrence of a Withholding Tax Event, a Tax Event or a MREL Disqualification Event (if all or part of the Notes are excluded from “eligible liabilities” available to meet any MREL Requirement), the Issuer may redeem all (but not some only) of the Notes, at their principal amount, together, if appropriate, with accrued interest
• Substitution & Variation: If at any time a MREL Disqualification Event, a Withholding Tax Event or a Tax Event has occurred and is continuing, or in order to ensure the effectiveness and enforceability of the Swedish Statutory Loss Absorption Powers, the Issuer may, subject to receiving prior consent of the Relevant Regulator (if required), substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that, or provided that they remain or become, Senior Preferred Qualifying Securities
• Events of Default: Payment of principal and interest on the Notes will be subject to acceleration only in certain limited circumstances, in accordance with Condition 6 (Events of Default)
• Denominations: €100k + €1k
• Listing: Euronext Dublin (regulated)
• Governing Law: English law, save for Condition 3 (Status), which shall be governed by and construed in accordance with Swedish law, as per the Base Prospectus
• Business Days: T2
• Clearing: Euroclear / Clearstream
• Documentation: Issued under the Swedbank AB (publ) GMTN Programme Base Prospectus dated 13-May-26 (together, the ‘Base Prospectus’)
• Swedish Statutory Loss Absorption Powers: Each Noteholder acknowledges and accepts to be bound by the exercise of Swedish Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in connection with the transaction
• Target Market: Manufacturer target market (EU MiFID II / UK 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 the Notes are not deemed to be in scope / not available to retail in EEA or in the UK.
• Selling Restrictions: Per the Base Prospectus
• Use of proceeds: An amount equal to the net proceeds of the Notes will be applied to a sub-portfolio of loans with a special purpose to finance or refinance, in whole or in part, Eligible Green Assets that fulfil the Eligibility Criteria set out in the Issuer’s Sustainable Funding Framework.
• ISIN / Common Code: XS3472754095 / 347275409
• Joint Bookrunners: Barclays, BNP Paribas, Crédit Agricole CIB, Swedbank and UBS (B&D/DM)
• Reference Benchmark: OBL #193 2.5% 16-Apr-31 (HR 105%)
• Hedge Deadline: 13:05 UKT / 14:05 CEST
• Timing: Books subject at 12:00 UKT / 13:00 CEST
• Settle: 19-Aug-26 (T+5)