Commentary & Deal Flow

In the Nordic market: European Energy A/S (EPNENG) EUR 2-part. Not rated. Via Danske/DNB/Nordea (B&D) jt books. Danish law. List Nasdaq Copenhagen (within 4 months after issue date). Settles 01/26 (T+5).

- EUR75m minimum hybrid securities (deeply subordinated, sr only to ordinary shares) due Jan 3023 (1,000 years). NC4, then any interest payment date thereafter. Interest pays fixed annual (act/act). From the first call date the interest rate resets every four years to the then prevailing 4 year EUR swap rate + the initial margin + the step-up. Step-up 500bp at the end of the non-call period. Interest deferral at the issuers's option on any interest payment date. Cumulative interest-bearing deferrals. ISIN: DK0030521927. IPT: 11.00%-11.50%. Guidance: 10.75%-11% (WPIR). Coupon set at 10.75%, will price at par. UOP: financing or refinancing of eligible projects in accordance with the company's Green Finance Framework, including for refinancing of the existing capital securities pursuant to the tender offer.

- EUR TBD tap of its floating rate sr unsec green bonds due 09/09/26 (3.75y). NC1.75 (09/08/24) (MWC), thereafter callable at 102.875%, 102.156%, 101.438%, 100.719%, 100% from Sep-24, Mar-25, Sep-25, Mar-26, Jun-26, respectively. ISIN: DK0030521844 to be merged with the original DK0030511613 (EUR75m priced 09/01/22) once the listing prospectus has been approved. Floats/pays quarterly (act/360) 3mE+575bp (0% floor). IPT: 99.00 area w/AI. Guidance: 99.25-99.50. Price set at 99.50%. UOP: financing or refinancing of eligible projects in accordance with the company's Green Finance Framework,

Books close at 3:30pm CET. Pricing today. Total books over EUR200m at IPTs, slightly skewed towards hybrids. Biz: develops, finances, constructs and operates wind and solar farms as well as large-scale PtX plants. HQ: Copenhagen, Denmark.