Company Announcement No. 100 , 2017 - Auction of covered mortgage bonds in Nordea Kredit Realkreditaktieselskab

With the refinancing of adjustable rate mortgages (ARMs) as of 1 January 2018 electronic auctions will be held in November 2017.

The ARMs will be refinanced in covered mortgage bonds (SDRO). Nordea Danmark will conduct the auctions.

The Auctions: The auctions will be held in the auction market at NASDAQ Copenhagen.
The Dutch (hidden call) auction principle will be applied, implying that where bids exceed the cut-off price, the full amount will be allocated at the cut-off price. Bids at the cut-off price may be allocated on a pro rata basis. There will be no allocation in respect of bids below the cut-off price.

Participant: Bids can be made by anyone with an access to the auction market at NASDAQ Copenhagen.

The auctions will take place during the period Tuesday 21 November through Thursday 23 November 2017.

The auctioned bonds are rated Aaa by Moody’s and AAA by Standard & Poor’s,

The auctions will open daily at 09:00 and close at 10:00 and 12:30 respectively, with allocation of accepted bids at 10:10 and 12:40, respectively.

Bids in bonds with 1-year maturity denominated in DKK and EUR can be placed with up to 3 decimals. Bids in other auctioned bonds can be placed with 2 decimals.

Nordea Kredit is not obliged to sell the full amounts announced.

The settlement date is 2 January 2018. Investors are offered the option of delivery of the bonds purchased at the auctions with spot settlement provided that the investors deliver maturing Nordea Kredit non-callable bullets. Investors who wish to make use of this option should contact Peter Brag or Finn Nicolaisen on the auction day before 14.00.

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