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).

- EUR100m (up from 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.

- EUR75m 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 4:15pm CET (originally 3:30pm CET) today. 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.