Commentary & Deal Flow

Reoffer: 4yr: MS+68bp / 99.789 / 3.933%
Benchmark: 4yr: OBL 2.2% 10-Oct-30 #192 @ 96.695 / B+86bp / HR 98%

Tranche 1 (4yr): Final Books €1.9bn+. Peak Books €2.8bn+ (pre-rec)

Launched: 4yr: €500m @ MS+68bp - Books €2.8bn+ (pre-rec)
Book Update: Books €2bn+
IPTs: 4yr: MS+95/100bp

• Issuer: Nykredit Realkredit A/S
• LEI: LIU16F6VZJSD6UKHD557
• Issuer Ratings: A+ (stable) by S&P / AA (stable) by Fitch
• Expected Ratings of the Notes: A- by S&P / A+ by Fitch
• Documentation: €15bn Euro Medium Term Note Programme (base prospectus dated 8-May-26, the “Base Prospectus”), supplemented on 4-Sep-26.
• Status: Direct and unsecured debt obligations of the Issuer and shall at all times rank: (i) pari passu without any preference among themselves; (ii) pari passu with any other obligations or instruments of the Issuer that rank or are expressed to rank pari passu with the Notes; (iii) senior to holders of the Issuer’s ordinary shares and any subordinated obligations or capital instruments of the Issuer that rank or are expressed to rank junior to the Notes; (iv) junior to present or future claims of unsubordinated creditors of the Issuer, as provided for in Condition 4(b) (Status of the Notes)
• Launch/Trade Date: 8-Sep-26
• Issue Date: 16-Sep-26 (T+6)
• Issue Amount: €500m
• Reoffer: MS+68bp / 3.933% / 99.789
• Reference: OBL 2.2% 10-Oct-30 #192 @ 96.695 / B+86bp / HR 98%
• Maturity Date: 16-Sep-30 (4-year)
• Interest and Interest Payment Dates: The Notes will bear interest on their Outstanding Principal Amounts, payable annually in arrear on 16 September in each year, from (and including) the Issue Date to (but excluding) the Maturity Date at the rate of 3.875% per annum. The first payment of interest will be made on 16-Sep-27
• Loss absorption following a Resolution Event: Upon the occurrence of a Resolution Event, the Outstanding Principal Amounts of such Notes may be written-down permanently (in whole or in part) or such Notes may be converted (in whole or in part) into a subordinated instrument of the Issuer, all as determined by the Relevant Regulator and/or the Danish Resolution Authority as described, and subject as provided for in Condition 6 (Loss absorption following a Resolution Event).
• Redemption upon the occurrence of a Tax Event: Early redemption of all (but not some only) of the Notes will be permitted at the option of the Issuer (at par) upon the occurrence of a Tax Event as described in Condition 7(c) (Redemption upon the occurrence of a Tax Event) and subject to the provisions of Condition 7(k) (Conditions to redemption etc.).
• Clean-up Redemption Option: Redemption of all (but not some only) of the outstanding Notes will be permitted at the option of the Issuer (at par) if at least 75 per cent. of the initial aggregate nominal amount of the Notes of the relevant Series have been redeemed or purchased by the Issuer and, in each case, cancelled, as described in Condition 7(g) (Clean-up Redemption Option)
• Redemption upon the occurrence of an Eligibility Event: Early redemption of all (but not some only) of the Notes will be permitted at the option of the Issuer (at par) upon the occurrence of an Eligibility Event as described in Condition 7(e) (Redemption upon the occurrence of an Eligibility Event) and subject to the provisions of Condition 7(k) (Conditions to redemption etc.).
• Substitution and variation: If an Alignment Event and/or an Eligibility Event and/or a Rating Methodology Event and/or a Tax Event has/have occurred and is/are continuing, the Issuer may subject to the provisions of Condition 7(k) (Conditions to redemption etc.), at its option, substitute all (but not some only) of such Notes, or vary the terms of all (but not some only) of such Notes without any requirement for the consent or approval of the holders of such Notes, so that they become or remain Qualifying Senior Non-Preferred Notes
• Write down or conversion powers: Applicable, as described in Condition 24(c)(i) (Recognition of write down or conversion powers)
• Business Days: T2, Copenhagen
• Listing: Nasdaq Copenhagen A/S (Regulated market)
• Governing Law: Danish law
• Clearing: Euroclear / Clearstream Luxembourg & VP Securities A/S
• ISIN: DK0030566948
• Denominations: €100,000 + 1,000 increments
• Joint Lead Managers: Bank of America Securities SA, Crédit Agricole Corporate and Investment Bank (B&D), Goldman Sachs International, Nykredit Bank, UniCredit
• Selling Restrictions: US (Reg S = Cat 2 / TEFRA = N/A), UK, Denmark, Japan, EEA, Singapore, Canada. No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• MiFID II / UK MiFIR Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, and the supplements thereto, and the Final Terms (when published) are available at https://www.nykredit.com/en-gb/investor-relations/
• Timing: Priced. TOE 1336 UKT. FTT 1355 UKT.