Commentary & Deal Flow

5NC4: Final Books above €1.5bn. Peak book above €2.4bn (pre-reconciliation) (excl. JLMs)

Launched: 5NC4: €750m @ MS+65bp - Books above €2.4bn (excl. JLMs, pre-rec)
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: €750m
• ISIN: XS3517355387
• Launched: €750m @ MS+65bp
• Reference Benchmark: DBR 0 Aug-30 TWIN - HR 109%
• Hedge Deadline: 13:50 UKT / 14:50 CEST
• 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