Company Announcement No. 38, 2013 - Auction of mortgage covered bonds in Nordea Kredit Realkreditaktieselskab

To refinance Nordea Kredit's CIBOR loans at 1 July 2013 an electronic auction will be held in May 2013.

Nordea Kredit will refinance the CIBOR loans in covered mortgage bonds (SDRO). Nordea Bank Danmark will conduct the auction.

The Auction The auction will take place at Genium Inet at the NASDAQ OMX Copenhagen.
  The bonds, Nordea C6 OA July 2016 (ISIN-code DK000202924-8) will be offered at the price of 100 – and bids must be made for the fixing-spread which is to be added to or subtracted from the 6 month CIBOR, quoted on 25 June 2013.
  The coupon of the bonds from 1 July 2013 will be fixed on the basis of the 6 month CIBOR, quoted on 25 June 2013 multiplied by 365/360 added to/subtracted from the fixing-spread at the auction. The fixed rate will be rounded to 2 decimal.
  Investors must be aware, that the fixing-spread will remain valid until the maturity date of the bonds.
The Dutch auction principle and hidden call method will be applied, implying that bids below the cut-off fixing spread will be settled at the full amount. Bids at the exact cut-off fixing spread may be allocated on a pro rata basis. All bids above the cut-off fixing spread will not be settled.
Auction date Wednesday 29 May 2013
Amount The final volume offered will be announced in week 19, 2013.
  Nordea Kredit has no obligation whatsoever to sell the entire amount announced at the auction.
Bid/settlement The auction opens at 10.00 a.m. and closes at 11.00 a.m. Accepted bids will be allocated at 11.10 a.m.
Bids can be placed with 2 decimals.
Settlement date 1 July 2013
Participants Bids can be made by anyone with access to the market for mortgage bonds at the NASDAQ OMX Copenhagen.
  In case of technical problems, bids can further be made to Nordea Markets. Contact persons are Michael Rosentoft phone no. +45 3333 3864 and Kim Petersen phone no. +45 3333 1644.

Nordea Kredit will run a test auction prior to the auction on 22 May 2013.

The following terms will apply to the test auction:

Auction date Wednesday, 22 May 2013
Bond Nordea C6 OA July 2016 (ISIN-code DK000202924-8)
Amount DKK 20m.
Maximum bid Bids up to a maximum of DKK 1.000.000 will be accepted.
Bid/settlement The auction will start at 10.00 a.m. and close at 11.00 a.m. Accepted bids will be allocated at 11.10 a.m.
  Bids can be placed with 2 decimals.
  The bond will be offered at the price of 100 – and bids must be made for the fixing-spread which is to be added to or subtracted from the 6 month CIBOR, quoted on 25 June 2013 multiplied by 365/360.
  As the fixing-spread cannot differ between the test auction and the auction on 29 May 2013, the cut-off fixing-spread from the auction on 29 May 2013 will replace the result of the test auction.
Settlement 1 July 2013
Participants Bids can be made by anyone with access to the market for mortgage bonds on OMX Nordic Exchange Copenhagen

For more detailed information please contact Nordea Group Funding, Peter Brag phone no. +45 3333 1663 or Finn Nicolaisen on phone no. +45 3333 1625.

Yours faithfully

Nordea Kredit Realkreditaktieselskab