* Allocs out. Final orderbook ~EUR 735m - excl.JLM. Final terms EUR 500m at ms +120bps. Underlying bmk OBL 2.1 040/12/29 #189 (HR 100%), hedge deadline 13:45pm. B&D/DM JPM. Pricing to follow later. (1:36pm) * Launch: €500m at MS+120bps, books: ~€875m excl. JLM (pre-rec), closed. Allocations and pricing to follow this afternoon. (12:23pm) * Spread set at MS+120bps. Books above €1.2bn pre-rec, excl. JLM, subject at 12:20pm. (11:49am) * Books above €1.1bn (pre-rec, excl. JLM) (10:53am) * IPTs MS+145/+150, tbp today Nykredit Realkredit A/S EUR bmk long 5yr SNP NR/BBB+/A. Erste Group, ING, JP Morgan, Morgan Stanley, and Nykredit Bank Issuer Ratings: A+ (stable) / A (stable) (S&P / Fitch), Exp. Issue Ratings: BBB+ / A (S&P / Fitch). Settlement: 27 March 2024 (T+6), Maturity: 9 July 2029. Coupon: Fixed, Annual, Act/Act (ICMA), First interest payment 9 July 2024 (short first coupon). Status: Senior Non-Preferred Notes as described in the Base Prospectus. Tax Event: The Issuer may redeem all (but not only some) of the Notes upon a Tax Event (additional amounts and tax deductibility). Subject to, inter alia, the Issuer having notified the Relevant Regulator of such redemption and the Relevant Regulator having given permission to such redemption (if required by applicable law) Eligibility Event: The Issuer may, at its option, redeem all (but not only some) of the Notes upon the occurrence of an Eligibility Event (subject to certain conditions as described in the Base Prospectus) subject to, inter alia, the Issuer having notified the Relevant Regulator of such redemption and the Relevant Regulator having given permission to such redemption (if required by applicable law). Clean-up Redemption Redemption of all (but not some only) of the outstanding Notes will be permitted at the option of the Issuer if 75 per cent. of the initial aggregate nominal amount of the Notes of the relevant Series have been redeemed or purchased by the Issuer and, in each case, cancelled, as described in Condition 7(g). Sub & Var: If an Alignment Event, and/or an Eligibility Event and/or a Rating Methodology Event and/or a Tax Event has/have occurred and is/are continuing, the Issuer may, at its option, substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes without any requirement for the consent or approval of the Noteholders, subject to certain restrictions including that substitution/variation is not prejudicial to investors Loss absorption Upon the occurrence of a Resolution Event, the following a outstanding Principal Amounts of the Notes may be written Resolution Event: down permanently (in whole or in part) or the Notes may be converted (in whole or in part) into a subordinated instrument of the Issuer, all as determined by the Relevant Regulator and/or the Danish Resolution Authority, provided that all other debt instruments and other obligations of the Issuer which are expressed to rank or which rank junior to the Notes in the case of bankruptcy or liquidation of the Issuer have already fully absorbed losses of the Issuer to the extent required by the Danish Resolution Authority before any write-down or conversion of the Notes. Listing: Nasdaq Copenhagen A/S (Regulated market) Clearing System: Euroclear/Clearstream & VP Securities A/S LEI: LIU16F6VZJSD6UKHD557. Selling Restriction: US (Reg S = Cat 2, TEFRA = N/A), EEA, UK, Denmark, Japan. No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as the Notes are not available to retail in EEA or the UK. Form: The Notes will be issued in dematerialized book-entry form in the electronic register of VP Securities A/S. Denoms: EUR 100,000 + 1,000 increments. ISIN: DK0030394986. Law: Danish law. Documentation: €15bn Euro Medium Term Note Programme (Base Prospectus dated 12 May 2023 and as supplemented on 16 August 2023, 13 September 2023, 9 November 2023, 30 November 2023, and 7 February 2024 (
Bellwether