Commentary & Deal Flow

*** Size and stage corrected

Launched:
3yr: €500m @ 3mE+16bp - Combined orderbooks >€2.4bn (incl. 390m JLM), skewed to 3y
7yr: €750m @ MS+24bp
Book Update: Combined orderbooks >€2.25bn (incl. 390m JLM), skewed to 3y
Guidance: 3yr: 3mE+23a 7yr: MS+27a

• Issuer: Nordea Mortgage Bank Plc
• Legal Entity Identifier: 7437001LESKGLAEOEU84
• Expected Issue Ratings: Aaa (Moody's)
• Status of the Covered Bonds: Bearer Covered Bonds
• Form of the Covered Bonds: Reg S Bearer - New Global Covered Bond (NGCB) form
• Label: Eurooppalainen katettu joukkolaina (premium) (European Covered Bond (Premium))
• Nominal Amount:
  • 3yr: €500m (WNG)
  • 7yr: €750m (WNG)
• Launch Date: 07-Sep-26
• Settlement Date: 14-Sep-26 (T+5)
• Maturity Date:
  • 3yr: 14-Sep-29 (3-year)
  • 7yr: 14-Sep-33 (7-year)
• Extended Maturity Date:
  • 3yr: Interest Payment Date falling in or nearest to 14-Sep-30. Any extension is subject to Condition 5(j) of the €25bn Covered Bond Programme
  • 7yr: Interest Payment Date falling in or nearest to 14-Sep-34. Any extension is subject to Condition 5(j) of the €25bn Covered Bond Programme
• Launched:
  • 3yr: 3mE+16bp
  • 7yr: MS+24bp
• Interest Payment Dates (for the period up to and including the Maturity date):
  • 3yr: Quarterly, on 14-Mar, 14-Jun, 14-Sep and 14-Dec each year commencing on 14-Dec-26 up to (and including) the Maturity Date
  • 7yr: On 14-Sep each year commencing on 14-Sep-27 up to (and including) the Maturity Date
• Coupon (for the period up to and including the Maturity date):
  • 3yr: 3mE+[•]bp, Quarterly, Act/360, Adjusted, Modified Following
  • 7yr: [●]% payable annually, Act/Act (ICMA), Following, Unadjusted
• Extension of Maturity Date: The Issuer may redeem the Covered Bonds in whole, or in part, on the Maturity Date or any Interest Payment Date thereafter up to (and including) the Extended Maturity Date
• Interest Payment Dates (for the period from the Maturity Date until the Extended Maturity Date):
  • 3yr: Monthly, on 14-Jan, 14-Feb, 14-Mar, 14-Apr, 14-May, 14-Jun, 14-Jul, 14-Aug, 14-Sep, 14-Oct, 14-Nov and 14-Dec commencing on 14-Oct-29 up to (and including) the Extended Maturity Date
  • 7yr: Monthly, on 14-Jan, 14-Feb, 14-Mar, 14-Apr, 14-May, 14-Jun, 14-Jul, 14-Aug, 14-Sep, 14-Oct, 14-Nov and 14-Dec commencing on 14-Oct-33 up to (and including) the Extended Maturity Date
• Coupon (for the period from the Maturity Date until the Extended Maturity Date):
  • 3yr: 1-month Euribor +[●]% , Act/360, Adjusted, Modified Following
  • 7yr: 1-month Euribor +[●]% , Act/360, Adjusted, Modified Following
• Denominations: €100k + €1k
• Redemption Amount: 100% of the outstanding nominal amount
• Clearing: Euroclear / Clearstream, Luxembourg
• Listing: Euronext Dublin
• Governing Law: Finnish law
• ISIN:
  • 3yr: XS3503301866
  • 7yr: XS3503302831
• Manufacturer Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance rules and UK MiFIR product governance rules) 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 has been prepared as the Bonds are not available to retail in the EEA or the United Kingdom.
• Documentation: In accordance with the Issuer's €25,000,000,000 Covered Bond Programme, with Base Prospectus dated 25-Sep-25
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/doc/nmb-u25-base-prospectus.pdf and the Final Terms, when published, will be available at http://www.ise.ie
• Selling Restrictions: Reg S. Cat 2, TEFRA D as per the Covered Bond Programme
• Joint Lead Managers: Commerzbank, DZ BANK, HSBC, Natixis, Nordea
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in connection with the transaction
• Timing: Books open, today's business
• Books Subject: 12.50 CET / 11.50 UKT