Commentary & Deal Flow

Reoffer: 7yr: MS+55bp / 99.66 / 3.681%
Benchmark: DBR 2.6 Aug-33 @ 97.267 / B+64.1 / HR 99%

Final Books over €1.2bn. Peak book over €1.8bn.

Launched: 7yr: €750m @ MS+55bp - Books over €1.8bn
Book Update: Books over €1.25bn
IPTs: 7yr: MS+80a

• Issuer: Nordea Bank Abp (Ticker: NDAFH)
• LEI: 529900ODI3047E2LIV03
• Issuer Ratings: Aa2 (Stable) / AA- (Stable) / AA- (Stable) by Moody's / S&P / Fitch
• Expected Issue Ratings: Aa2 / AA- / AA by Moody's / S&P / Fitch
• Status of the Notes: Senior Preferred Notes constituting direct, unsecured, unguaranteed and unsubordinated obligations of the Issuer
• Waiver of set-off: No Holder of the Notes shall be entitled to exercise any right of set-off, netting or counterclaim against moneys owed by the Issuer in respect of such Notes
• Issue Size: €750m
• Pricing Date: 17-Aug-26
• Settlement Date: 24-Aug-26 (T+5)
• Maturity Date: 24-Aug-33 (7 year)
• Coupon: 3.625% Fixed, Annual, payable in arrear
• Reoffer Price: 99.66
• Reoffer Yield: 3.681%
• Reoffer Spread: MS+55bp
• Day Count Fraction / Business Day Convention: Act/Act (ICMA) / Following, unadjusted
• Business Days: T2, London
• Clean-up Call Option: Applicable, if the outstanding principal amount of the Notes is 25% or less of the nominal amount originally issued
• Early redemption: The Issuer may redeem the Notes as a result of a Withholding Tax Event, a Tax Event, or an MREL Disqualification Event
• Substitution and variation: Condition 17 (Substitution and Variation) applies
• Events of Default: Restricted Events of Default
• Documentation: Issuer's Euro Medium Term Note Programme dated 8-May-26
• Denominations: €100k + €1k
• Form: Bearer Notes; NGN
• Governing law: Finnish Law
• Acknowledgement of Bail-in and Loss Absorption Powers: Condition 19 (Acknowledgement of Bail-in and Loss Absorption Powers) applies
• Listing: Euronext Dublin (regulated)
• ISIN: XS3479233200
• Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, ING, Nordea, UniCredit
• Use of Proceeds: General banking and other corporate purposes
• 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 the Notes are not available to retail in the EEA or the UK
• Fees: The joint bookrunners will be paid a fee in connection with the transaction
• Selling Restrictions: As per the Issuer's Euro Medium Term Note Programme. Reg S Cat 2, TEFRA D
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/investor-relations/debt-and-rating/Prospectuses/nordea-bank-abp-base-prospectus and the Final Terms, when published, will be available https://www.ise.ie/
• Timing: TOE: 13:54 London / 14:54 CET. FTT: 14:15 London / 15:15 CET.