Published: 2018-08-07 13:20:00 CEST
Company announcement no. 77, 2018 - Auctions of covered bonds in Nordea Kredit Realkreditaktieselskab.
The refinancing of Nordea Kredit ARMs with annual refinancing on October 1, 2018
will be conducted via auctions of covered mortgage bonds (SDRO). The issued
covered mortgage bonds are rated Aaa and AAA by Moody´s and Standard & Poor´s,
respectively.

The auctions will be performed by Nordea Danmark and they will be held at the
NASDAQ Copenhagen auction market on Tuesday, August 21 and Wednesday, August 22,
2018.

The auctions will open daily at 9.00 a.m. and close either by 10.00 a.m. or
11.00 a.m, see the table on page 3 for details.
Investors will be notified of accepted bids as soon as possible but no later
than by 10.09 a.m. or 11.09 a.m, respectively.

Bids with up to three decimals will be accepted for 1-year maturities. In other
ISINs only bids with up to two decimals will be accepted. The auctions will be
performed using the Dutch auction principle and the auction type hidden call.
This means that all bids above the cut off price will be allocated in full at
the cut-off price. Bids at the cut-off price may be allocated pro rata. Bids
below the cut-off price will not be allocated any bonds.

The auction amounts and time schedules can be seen in the table on page 3.

Nordea Kredit is not obliged to sell the full offered auction amount at the
auctions.

The new covered bonds will be allocated to investor bond accounts on Monday,
October 1, 2018.

The covered bonds to be auctioned by August 21 and August 22, 2018 will be
registered at VP Securities on Friday, August 17, 2018.

The auction results and provisional interest rates can be seen at
www.nordeakredit.dk press ”Investor information” and at
www.nordea.dk/privat/lan/bolig/foelg-auktionen.html.

Investors have the option of receiving new covered mortgage bonds allocated at
the auction with spot settlement provided that the investor delivers maturing
non-callable Nordea Kredit covered mortgage bonds in DKK to Nordea Danmark. This
exchange of bonds can be arranged by contacting either Peter Brag or Finn
Nicolaisen at the day of the auction no later than 1.30 p.m. Their contact
phones numbers appear below. This option does not apply to covered mortgage
bonds in EUR.

In case of technical problems bids can be made to Nordea Markets. Please contact
either Brian Christophersen at +45 33 33 16 93 or Frank Klahsen at +45 33 33 14
44.

The new covered mortgage bonds are subject to the provisions on the regulation
of the refinancing risk in the Mortgage-Credit-Loans & Mortgage-Credit-Bonds
etc. Act. The auction trigger applies to all the new covered mortgage bonds. For
the covered mortgage bonds maturing no later than October 1, 2020 the interest
rate trigger applies as well.

The following applies to covered mortgage bonds subject to the auction trigger:
In case of a failed auction the provisions of the law, pls cf. above, lay down
restrictions on the final sale and allocation of covered mortgage bonds.

The following applies to covered mortgage bonds subject to the interest rate
trigger:
In connection with the refinancing of covered mortgage bonds restrictions on the
increase of the effective interest rate apply. The effective interest rate
cannot increase by more than 5 percentage points. This limit on the rise of the
effective interest rate is a condition for the final sale and allocation of new
covered mortgage bonds subject to the interest rate trigger at the auctions.

Questions in connection with the auctions may be directed to Nordea, Long Term
Funding, Peter Brag at +45 33 33 16 63 or Finn Nicolaisen at +45 33 33 16 25.

Yours faithfully

Nordea Kredit Realkreditaktieselskab


Company announcement-RTP070818-UK.pdf