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Commentary & Deal Flow

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Swedbank AB

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SR-Boligkreditt AS

by Anna Tkachenko

Sep 07, 2026 8:16 AM ET

PRICED: SR-Boligkreditt €750m 5yr CB; MS+17bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	ISIN	Spread	GDNC-PXD
SR-Boligkreditt AS	5yr	3.375%	16-Sep-31	€750m	CB	Fixed	99.765	3.427%	XS3504723985	MS+17	-6

Reoffer: 5yr: MS+17bp / 99.765 / 3.427%
Benchmark: 5yr: DBR 0 15-Aug-31 @ 86.132 / B+35.3bp / HR 110%

5yr: Final books at reoffer > €1.5bn+ (incl. €200m JLM). Peak book in excess of €1.65bn+ (incl. €200m JLM)

Launched: 5yr: €750m @ MS+17bp - Books in excess of €1.65bn+ (incl. €200m JLM)
Book Update: Books in excess of €1.5bn (incl. €200m JLM)
Guidance: 5yr: MS+23a

Issuer: SR-Boligkreditt AS
Issuer LEI: 5493005EFLOPQ4K0ZF42
Issue Type and Form of Notes: European Covered Bond (Premium), Norwegian Covered Bond backed by residential Norwegian mortgages, Reg S Bearer (TEFRA D), ECB repo & LCR Level 1B eligible, ECBC Covered Bond Label; TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
Exp Ratings: Aaa (Moody's)
Issue Size: €750,000,000
Maturity Date: 16-Sep-31
Settlement Date: 16-Sep-26 (T+7)
Coupon: 3.375%, Fixed Annual, ACT/ACT (ICMA)
Reoffer Price vs Mid Swap: MS+17bp
Reoffer Price/Yield: 99.765 / 3.427%
Benchmark Price/Yield: DBR 0 15-Aug-31 (DE0001102564) + 35.3bp (px: 86.132 / yield: 3.074%); HR: 110%
Documentation: Issuer's EUR20bn Euro Medium Term Covered Note Programme dated 22-May-26 (the "Programme") available at https://www.sparebank1.no/nb/sor-norge/om-oss/investor/finansiell-info/sr-boligkreditt.html.
Target Market: Eligible counterparties and professional clients only. No PRIIPs key information document ("KID") or UK disclosure document has been prepared as not available to retail in EEA or UK.
Listing and Trading: Luxembourg Stock Exchange
Denoms: €100,000 + €1,000
Legislation of the Programme: English law, Norwegian law for status of Covered Bond
ISIN/Common Code: XS3504723985/350472398
Joint Lead Managers: Barclays, BMO Capital Markets, Commerzbank (B&D), NORD/LB, TD Securities
Expenses: Joint Bookrunners will be responsible for the fees and expenses of their own legal advisors only
Advertisement: The Base Prospectus dated 22-May-26, as supplemented, and the Final Terms, when published, will be available at: sparebank1.no/nb/sr-bank/om-oss/investor/finansiell-info/sr-boligkreditt.html
Timing: Priced, TOE 14:07 CET, FTT 14:30 CET