Commentary & Deal Flow

Book update: Books above €1.5bn

IPTs: 5NC4: MS+95a

• Issuer: Danske Bank A/S (Ticker: DANBNK)
• Issuer Ratings: A1 (Stable) / A+ (Positive) / AA (Stable) by Moody's / S&P / Fitch
• Exp. Issue Ratings: A3/A-/A+ by Moody's/S&P/Fitch
• Rating Split: Issuer: A1 (Stable) / A+ (Positive) / AA (Stable) by Moody's / S&P / Fitch, Issue: A3/A-/A+ by Moody's/S&P/Fitch
• Status: Direct, unconditional and unsecured Non-Preferred Senior Notes intended to constitute MREL Eligible Liabilities (see Condition 5.2 in the Base Prospectus).
• Format: Reg S, Bearer, Classic Global Notes
• Issue Date: 17-Sep-26
• Settlement: 24-Sep-26 (T+5)
• Maturity: 24-Sep-31 (5y)
• Call Option: 24-Sep-30 (4y)
• Issue Size: Benchmark
• IPTs: MS+95a
• Coupon: Fixed, Annually, Act/Act ICMA. If Call Option not exercised, a reset fixed rate of interest per annum determined as the sum of the prevailing 1-year € Mid-Swap Rate plus the Margin, payable annually in arrear.
• Early Redemption: The Notes may be redeemed at par (plus accrued and unpaid interest) in case of: i. MREL Disqualification Event: Disqualification in whole or in part of the Notes as 'eligible liabilities' as result of the implementation of, or change in, any Applicable MREL Regulations ii. Tax reasons: Obligation for the Issuer to pay additional amounts.
• Events of Default/Set-off: None
• Substitution and Variation: Yes. See Base Prospectus.
• Denoms: €100k + €1k
• Listing/Clearing: The Irish Stock Exchange plc, trading as Euronext Dublin/Euroclear
• Governing Law: English Law, except for certain conditions, which will be under the Danish Law. See the Base Prospectus
• Documentation: Issuer's €35bn Euro Medium Term Note Programme dated 20-Mar-26, as supplemented.
• Use of Proceeds: General Business Purposes.
• Joint-Lead Manager(s): ABN, Barclays, Danske Bank, NatWest and UniCredit.
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID or UK PRIIPs key information document (KID) has been prepared as not eligible for retail.
• Timing: Books open, Today's business
• Advertisement: Base Prospectus and supplements available at: https://danskebank.com/investor-relations/debt/funding-programmes?section=EMTN, final terms to be available at: https://danskebank.com/investor-relations/debt/debt-issues