New Issue: Danske Bank issues $1.25 billion 6.466% senior non-preferred notes due 2026

By Cristal Cody

Chicago, Jan. 19 – Danske Bank A/S issued $1.25 billion of 6.466% senior non-preferred notes with a three-year tenor (Baa2/BBB+/A), according to a market source and a term sheet.

There are two years of call protection. The notes can be called at par on Jan. 9, 2025.

The rate will reset to Treasuries plus 472 basis points starting Jan. 9, 2025.

Pricing came at par, at Treasuries plus 210 bps. Talk started in the 240 bps area.

BofA Securities, Inc., Citigroup Global Markets Inc., Danske Bank A/S, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC are the bookrunners.

Danske Bank is a Copenhagen-based bank.

Issuer:	Danske Bank A/S
Amount:	$1.25 billion
Issue:	Senior non-preferred notes
Maturity:	Jan. 9, 2026
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., Danske Bank A/S, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC
Coupon:	6.466% initial rate, resets to Treasuries plus 472 bps starting Jan. 9, 2025
Price:	Par
Yield:	6.466%
Spread:	Treasuries plus 210 bps
Call features:	At par on Jan. 9, 2025
Trade date:	Jan. 4
Settlement date:	Jan. 9
Ratings:	Moody’s: Baa2
	S&P: BBB+
	Fitch: A
Distribution:	Rule 144A and Regulation S
Price talk:	Treasuries plus 240 bps area
Cusips:	23636ABF7, 23636BBF5

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