Terms for Nykredit’s and Totalkredit’s Auctions
To Nasdaq Copenhagen
Overview of Bond Offerings
The total bond offering for adjustable-rate mortgages (ARMs) and floating-rate loan refinancing at the upcoming auctions from Nykredit and Totalkredit is approximately DKK 43.1 billion. These auctions are anticipated to take place from 17th to 20th November 2025.
During this period, Nykredit Realkredit A/S will daily publish details regarding the amounts offered across the various ISINs. You can find this information on their official portal under "Debt".
Complete auction terms, such as a detailed list of available bonds and auction schedules, are available in Appendices 1, 2, and 3. Should you have any inquiries regarding the bond sale, technical matters can be directed to Nykredit Realkredit A/S, Group Treasury, where Morten Willendrup can assist you at +45 44 55 16 92.
For additional inquiries, please contact Nykredit's Corporate Communications at +45 44 55 14 50.
Bid Information
Every morning at 09:00 CET during the auction period, the amounts available that day for each ISIN will be published at the specified location mentioned earlier.
Refinancing Principles for ARMs
The Nykredit Group offers fixed-rate non-callable bullet covered bonds based on the refinancing price principle for interest rate adjustments affecting ARMs. The bonds will be auctioned at established prices, which will be the weighted average of the bids received.
If Nykredit determines that the offered amount at an auction fails to yield a market-consistent price, they will revert to the Consolidated Reference Price on Nasdaq Copenhagen for the bond.
Refinancing Procedures for Floating-Rate Loans
Refinancing for floating-rate loans occurs across two individual auctions. Specific ISINs have been identified for these offerings:
- ISIN DK000955094-9: This bond is non-callable and will be priced at 100.20. Bids should correspond to the reference rate spread used for the regular coupon fixing.
Reference Rate: Cita/6 months
Fixing Method: Fourth last Business Day (adjusted)
- ISIN DK000955108-7: Also non-callable, offered and settled at a price of 100.20 with similar bid requirements as described above.
Reference Rate: Cibor/6 months
Fixing Method: Fifth last Business Day (adjusted)
Credit Ratings of Bonds
All auctioned bonds from Capital Centre H and G carry a AAA rating from S&P, while those issued via Capital Centre J are government-guaranteed and do not receive a rating.
Bidding Process
Bids for these bonds must be made in specified amounts and at particular prices. Bids on bonds maturing within 14 months require precision up to three decimals; others must be correct to two decimals.
DKK-denominated bonds need bids in multiples of DKK 100,000, while EUR-denominated bonds require increments of EUR 10,000. Participants can submit more than one bid for the same ISIN.
Types of Auctions
Bonds through Capital Centre H and G will be auctioned via Nasdaq Copenhagen’s auction submarket, while those from Capital Centre J will utilize Bloomberg’s auction system. Market participants lacking access should reach out to Nykredit Realkredit A/S, Group Treasury prior to auction dates.
Allotment and Conditional Offerings
Bonds for which bids are accepted based on price above the cut-off will be fully settled, while bids at the cut-off may be accepted proportionally. If the auction includes reference rate spread bids, those below the cut-off spread will settle in full, with cut-off bids accepted proportionally.
Trades will be recorded and published through Nasdaq Copenhagen shortly after the auction closes, with all transactions having a value date of 2nd January 2026.
Reverse Facilities and Reservations
To accommodate participants needing bonds more quickly, Nykredit offers a reverse facility, enabling them to purchase allotted bonds after only two trading days. This facility is conditional upon providing a similar amount of bonds maturing on 1st January 2026.
There is a reservation for potential technical issues that may disrupt the auction process, in which case, practical auction details will be communicated via a public announcement.
Tap Sales and Future Offerings
Tap sales for bond offerings will occur on 18th and 19th November 2025, with further bid opportunities available on these dates through Nykredit Realkredit A/S.
Conclusion and Additional Information
The Nykredit Group maintains the right to modify or cancel the announced offering at any time due to auction-related circumstances or insufficient participant interest. Notifications regarding any changes will be promptly delivered via company announcements.
Frequently Asked Questions
What are the main bond offerings from Nykredit and Totalkredit?
Nykredit and Totalkredit are offering around DKK 43.1 billion in bonds tied to adjustable-rate mortgages and floating-rate loan refinancing.
When will the auctions conducted by Nykredit take place?
The auctions are set to occur from 17th to 20th November 2025.
How can I access auction results and details?
Daily updates and auction details will be available on Nykredit’s official site under the "Debt" section during the auction period.
What are the credit ratings for the bonds offered?
Bonds from Capital Centre H and G are rated AAA by S&P, while Capital Centre J bonds are government-guaranteed and unrat?d.
What is the reverse facility mentioned in the auction terms?
The reverse facility allows auction participants to obtain allotted bonds earlier than the standard settlement period, conditioned on certain terms regarding maturing bonds.
