Commentary & Deal Flow

Reoffer: 10NC5: MS+108bp / 99.956 / 4.51%
Benchmark: 10NC5: OBL 2.9 10-Aug-31 #194 @ 98.33 / B+124.9bp / HR 97%

10NC5: Final Books ~€1.1bn. Peak book north of €1.5bn

Spread set at: 10NC5: MS+108bp - Books north of €1.5bn
IPTs: 10NC5: MS+135a

• Issuer: Swedbank AB (publ)
• LEI: M312WZV08Y7LYUC71685
• Issuer Rating: Aa2 / AA- / AA+ (Moody’s / S&P / Fitch)
• Exp. Issue Ratings: A3 / A- / A (Moody’s / S&P / Fitch)
• Format: Reg S Bearer Notes evidenced by a Temporary Global Note exchangeable for a Permanent Global Note. TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Status: Subordinated Notes
• Issue Size: €500m
• Reoffer: MS+108bps / 4.51% / 99.956
• Benchmark: +124.9bps vs OBL 2.9 10-Aug-31 #194 (px 98.33). HR 97%
• Settlement: 29-Sep-26 (T+5)
• Maturity: 29-Sep-36
• Issuer Call: Issuer may redeem all (but not some only) of the Notes at par on the Optional Redemption Date, subject to the Relevant Regulator’s consent
• Optional Redemption Date: 29-Sep-31
• First Reset Date: 29-Sep-31
• Coupon: 4.5% per annum, resetting on the First Reset Date to the prevailing 5-year € Mid Swap Rate and the First Margin
• Interest Payment Dates: 29 September in each year, commencing on 29-Sep-27 up to (and including) the Maturity Date
• Waiver of Set-off: No Holder of Notes who in the event of the liquidation or bankruptcy of the Issuer shall be indebted to the Issuer shall be entitled to exercise any right of set-off or counterclaim against moneys owed by the Issuer in respect of the Notes held by such Holder
• Early Redemption: Upon the occurrence of a Tax Event, Withholding Tax Event or Capital Event the Issuer may redeem all (but not some only) of the Notes at Par, as further defined and outlined in the Base Prospectus, subject to the Relevant Regulator’s consent
• Substitution and Variation: If at any time a Capital Event, a Withholding Tax Event or a Tax Event has occurred and is continuing, or in order to ensure the effectiveness and enforceability of the Swedish Statutory Loss Absorption Powers, the Issuer may, subject to the Conditions to Redemption, Purchase, Substitution and Variation, either substitute all (but not some only) or vary the terms of the Notes such that they remain, or as appropriate, become, Subordinated Qualifying Securities
• Denominations: €100,000 + €1,000 increments
• Day Count Fraction: Annual Act/Act (ICMA)
• Listing: Euronext Dublin (Regulated market)
• Governing Law: English law, save for Condition 3 (Status) which shall be governed by, and construed in accordance with, Swedish law
• Business Days: T2
• Clearing: Euroclear / Clearstream
• Docs: Issued under the Swedbank AB (publ) GMTN Programme Base Prospectus dated 13-May-26
• Acknowledgment of Swedish Statutory Loss Absorption Powers: Each Holder acknowledges and accepts that any liability arising under the Notes may be subject to the exercise of the Swedish Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in connection with the transaction
• MIFID II / UK MIFIR Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) has been prepared as the Notes are not deemed within scope / not available to retail in the EEA or the United Kingdom
• Selling Restrictions: Per the Base Prospectus
• Base Prospectus: The Base Prospectus and the supplement are available and the Final Terms, when published, will be available on the website of Euronext Dublin: https://live.euronext.com/en/product/bonds-detail/25222/documents
• ISIN / Common Code: XS3506185894 / 350618589
• Bookrunners: BNP Paribas (B&D), Goldman Sachs Bank Europe SE, J.P. Morgan, Swedbank, UBS
• Timing: TOE: 14:04 UKT / FTT 14:20 UKT