Commentary & Deal Flow

Spread set at: 7yr: MS+23bp - Books above €1.7bn (incl. €150m JLMs)
Book Update: Books over €1.65bn (incl. €150m JLMs)
Guidance: 7yr: MS+29a

• Issuer: Sparebanken Norge Boligkreditt AS
• Legal Entity Identifier: 5967007LIEEXZX6AO004
• Expected Issue Ratings: Aaa (Moody's)
• Format: Reg S, NGCB, Bearer, LCR Level 1B and ECB repo eligible
• Legislation: Norwegian Covered Bonds backed by prime Norwegian residential mortgages
• Status: European Covered Bond (Premium), ECBC Covered Bond Label compliant
• Currency: €
• Size: Benchmark
• Use of Proceeds: To finance or re-finance, in part or in full, new and/or existing residential green buildings, pursuant to the Issuer’s Green Bond Framework, which is available on the website of the Issuer alongside the second party opinion
• Launch date: 26-Aug-26
• Settlement Date: 02-Sep-26 (T+5)
• Maturity Date: 02-Sep-33 (7-year, soft bullet)
• Extended Maturity Date: 02-Sep-34
• Interest Payment Dates: Annually on 2 September each year commencing on 02-Sep-27 up to (and including) the Maturity Date, subject to Business Day Convention
• Coupon: Fixed [•]% annually
• Day Count Fraction: Act/Act (ICMA)
• Business Day Convention: Following, unadjusted
• Denominations: €100,000 + €1,000 increments
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in respect of the placement of the securities
• Documentation: Issuer’s EUR 25bn Covered Bond Programme dated 01-Jun-26
• Selling Restrictions: Per the Base Prospectus. TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Listing / Law: Luxembourg Stock Exchange / English law, except that the provisions of the Covered Bonds under Condition 2 of the Terms and Conditions will be governed by, and construed in accordance with, Norwegian law
• ISIN / Common Code: XS3487836705 / 348783670
• Clearing: Euroclear / Clearstream, Luxembourg
• Target Market: Manufacturer target market (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: BMO Capital Markets, Commerzbank, HSBC, LBBW, SEB, Société Générale
• Schedule: Books open, today's business
• Books Subject: 12:35 CEST / 11:35 UKT
• Advertisement: The Prospectus, any supplements and the Final Terms (when published) will be available at https://www.spv.no/om-oss/investor-relations/boligkreditt/emtn-programme-and-final-terms