Commentary & Deal Flow

New Min. Size: 8yr: Min CHF 200m
Spread set at: 8yr: MS+60bp
Guidance: 8yr: SARON MS+60a

• Issuer: Nordea Bank Abp
• Ticker: NDAFH
• Issuer Domicile: Finland
• Format: Public Fixed Rate Bonds
• Status: Senior Preferred
• Type: Green Bonds
• Issuer Rating: Aa2 (Negative, Moody's) / AA- (Stable, S&P) / AA (Stable, Fitch)
• Instrument Rating (exp): Aa2 (Moody's) / AA- (S&P) / AA (Fitch)
• Issue Size (in mm): Min CHF 200m
• Coupon: 1.16% p.a. (indicative)
• Maturity: 8 years (07-Sep-26 until 07-Sep-34)
• Spread/Yield: SARON MS+60 // YTM 1.16% area // Govt.+85 area
• Lead Manager(s): Deutsche Bank / UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off the €50,000,000,000 Euro Medium Term Programme dated 08-May-26
• FinSA Prospectus: Recognised base prospectus in accordance with Art. 45 FinSA
• Governing Law: Finland
• Covenants: PP, Clean-up Call
• SIX Listing: 03-Sep-26
• Denomination: CHF 200,000
• Use of Proceeds: An amount equal to the net proceeds of the Notes is intended to be used, directly or indirectly, to finance or refinance green bond assets evaluated and selected by the Issuer pursuant to Nordea’s Green Funding Framework published in March 2025
• Sales Restrictions: As set out under the EMTN Programme
• Target Market: The target market as defined by the manufacturer domiciled in the EEA (MiFID II) is eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions. Public offer into Switzerland only
• Timing: Books close 11:30 AM CET, pricing thereafter
• Green Funding Framework: Nordea Green Funding Framework 2025
• SPO: Second Party Opinion (SPO) - Sustainability Quality of the Issuer, Nordea Green Funding Framework and Asset Pool
• Sustainable Funding Presentation: sustainable-investor-presentation-q1-2026-nordea-1.pdf