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Commentary & Deal Flow

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Danske Bank A/S

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Danske Bank A/S

by Oleksandr Vynychuk

Sep 17, 2026 6:08 AM ET

PRICED: Danske Bank A/S CHF 110m 8NC7 SP; SARON MS+70bp

IGC European Market: Deal Flow - General

Issuer	Term	Call	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	ISIN
Danske Bank	8NC7	7y	1.3975%	29-Sep-34	CHF 110m	SP	Fixed Rate Reset	100	1.3975%	SARON MS+70	CH1598620131

Reoffer: 8NC7: SARON MS+70 / 100 / 1.3975%
Benchmark: 8NC7: Govt.+92

Launched: 8NC7: CHF 110m @ SARON MS+70

Issuer: Danske Bank A/S (Ticker: DANBNK)
Issuer Domicile: Denmark
Format: Fixed Rate Resetting Senior Callable Notes
Status: Direct, unconditional, unsubordinated and unsecured Preferred Senior Notes
Issuer Rating: A1 (Stable, Moody's) / A+ (Positive, S&P) / AA (Stable, Fitch)
Instrument Rating (exp): A1 (Moody's) / A+ (S&P) / AA (Fitch)
Issue Size (in mm): CHF 110mm
Coupon: 1.3975% p.a., prior to the Call Date
Thereafter: If Call Option is not exercised, a reset fixed rate of interest per annum determined as the sum of the prevailing 1-year CHF SARON Mid-Swap Rate plus the Margin, payable annually in arrear.
Settlement Date: 29-Sep-26
Call Date: 29-Sep-33
Maturity Date: 29-Sep-34
Issue Price: 100.000%
Spread/Yield: SARON MS +70.0 // YTC 1.3975% // Govt.+92
ISIN / Security Number: CH1598620131 / 159862013
Lead Manager(s): UBS / Danske Bank
SNB Repo-eligibility: At the discretion of the SNB, expected no
Documentation: Off the Issuer’s EUR 35bn Euro Medium Term Programme dated 20-Mar-26, as supplemented.
FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
Governing Law: English law, except for Condition 5 (Status of the Notes), Condition 11.2 (Early re-demption for tax reasons), Condition 11.3 (Early redemption upon the occurrence of a Capital Event), Condition 11.4 (Early redemption upon the occurrence of a MREL Disqualification Event), Condition 16 (Enforcement Events) and Condition 25.6 (Acknowledgement of Danish Statutory Loss Absorption Powers), which shall be governed by, and shall be construed in accordance with, Danish law
Covenants: Pari passu as outlined in Condition 5.1
SIX Listing: 25-Sep-26
Denomination: CHF 200,000 and multiples thereof
Target Market: Eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID.
Sales Restrictions: As set out under the EMTN Programme