To
OMX The Nordic Exchange Copenhagen
Executive Board
Parallelvej 17
DK-2800 Kgs. Lyngby
www.rd.dk
Telephone +45 7012 5300
13 November 2007
Announcement number 49 - 2007
Auctions of bond series 10S and 10Q as well as series 10D
This year Realkredit Danmark will hold two auctions on bonds to fund FlexLån®.
The first auction will be on mortgage bonds to fund loans to subsidized
housing, which on the basis of current legislation are not allowed to be
funded in mortgage covered bonds. The second auction will be on mortgage
covered bonds to fund the remaining FlexLån®.
The first auction will be on mortgage bonds in series 10D. There will only be
an auction on the 1-year and 3-year mortgage bonds in series 10D. The auction
will be held in one day, Friday, 7 December 2007.
The second auction will be on mortgage covered bonds in series 10S and 10Q. The
auction of 1-year mortgage covered bonds in series 10S and 10Q as well as
3-year and 5-year mortgage covered bonds in series 10S will be held in equal
portions over five trading days from Monday, 10 December, through Friday, 14
December 2007. For the remaining securities identification codes in series 10S
and 10Q, the auction will be held on Friday, 14 December 2007.
Mortgage bonds and mortgage covered bonds to be issued by Realkredit Danmark to
refinance FlexLån® at 1 January 2008 will form the basis for the auction.
The amount of mortgage bonds to be auctioned in series 10D will be announced no
later than 3 trading days prior to 7 December 2007. The amount of mortgage
covered bonds to be auctioned in series 10S and 10Q will be announced no later
than 3 trading days prior to 10 December 2007.
The preliminary amount of bonds to be auctioned and the exact terms and
conditions of the auctions are set out in the appendices to this announcement.
Any additional questions should be addressed to Senior Dealer Søren Gravgaard,
phone +45 45 13 20 19.
The Executive Board
Terms and conditions of Realkredit Danmark's auction to be held 7 December 2007
Auction
The auction will take place at OMX The Nordic Exchange Copenhagen's
mortgage-issuing sub-market. The Dutch auction principle and hidden call method
will be used. Under the Dutch auction principle, all bids above the cut-off
prices will be settled in full at the cut-off prices. For bids at the exact
cut-off price, proportional allocation may be used. All bids below the cut-off
prices will not be settled. Hidden call means that the bidders can only see
their own bids, whereas the issuer can see all bids.
Decimal points
Investors may place their bids at prices with up to three decimal places for
1-year mortgage bonds maturing in 2009.
For the 3-year mortgage bonds maturing in 2011, bids may contain only two
decimal places.
Bonds
Realkredit Danmark will put bonds in series 10D, maturing in 2009 and 2011 on
the auction. The amounts offered in each series will be announced no later than
3 trading days prior to the auction.
Bids/settlement
The auction will be held with cut off periods at 11.00am and 12.30pm
Date DKK
10D Preliminary amount DKK m.
7 December 2007 2009 3,700
The IPMO is set to 10 minutes.
The following mortgage bonds will be offered until 11.00am for settlement at
11.10am:
The following mortgage bonds will be offered until 12.30pm for settlement at
12.40pm:
Date DKK
10D Preliminary
Amount DKK m.
7 December 2007 2011 1,900
Value date
2 January 2008.
Participants
Bids will be accepted from all members with access to OMX The Nordic Exchange
Copenhagen's mortgage-issuing sub-market.
Other conditions
1. Realkredit Danmark is not under any obligation to sell the entire amount
announced at the auctions.
2. On each auction day, Realkredit Danmark will not trade in the securities
identification code or codes offered on the auction at the specific auction
day prior to the announcement the results of the auction. After the results
have been announced, Realkredit Danmark's sales will be made at prices only
above the cut-off price of each securities identification code.
Terms and conditions of Realkredit Danmark's auction to be held from
10 to 14 December 2007
Auction
The auction will take place at OMX The Nordic Exchange Copenhagen's
mortgage-issuing sub-market. The Dutch auction principle and hidden call method
will be used. Under the Dutch auction principle, all bids above the cut-off
prices will be settled in full at the cut-off prices. For bids at the exact
cut-off price, proportional allocation may be used. All bids below the cut-off
prices will not be settled. Hidden call means that the bidders can only see
their own bids, whereas the issuer can see all bids.
Decimal points
Investors may place their bids at prices with up to three decimal places for
1-year bonds maturing in 2009 in both the 10S and 10Q series.
For the rest of the securities identification codes offered, bids may contain
only two decimal places.
Bonds
Realkredit Danmark will put mortgage covered bonds in series 10S and 10Q,
maturing from 2009 to 2013 on the auction. The amounts offered in each series
will be announced no later than 3 trading days prior to the auction.
Bids/settlement
The auction will be held with three cut off periods 11.00am, 12.30pm and
1.30pm. The cut off period for all 1-year mortgage covered bonds will be
11.00am on all auction days.
The IPMO is set to 10 minutes.
The following mortgage covered bonds will be offered until 11.00am for
settlement at 11.10am on the following dates:
Date DKK
10S Preliminary amount DKK m. EUR
10Q Preliminary amount EUR m.
10 December 2007 2009 17,200 2009 488
11 December 2007 2009 17,200 2009 488
12 December 2007 2009 17,200 2009 488
13 December 2007 2009 17,200 2009 488
14 December 2007 2009 17,200 2009 488
The following mortgage covered bonds will be offered until 12.30pm for
settlement at 12.40pm on the following dates:
Date DKK
10D Preliminary
Amount DKK m. EUR
10E Preliminary
Amount EUR m.
10 December 2007 2011 2,400 -
2013 1,280 -
11 December 2007 2011 2,400 -
2013 1,280 -
12 December 2007 2011 2,400 -
2013 1,280 -
13 December 2007 2011 2,400 -
2013 1,280 -
14 December 2007 2011 2,400 2011 160
2013 1,280 2013 100
The following mortgage covered bonds will be offered until 1.30pm for
settlement at 1.40pm on the following date:
Date DKK
10D Preliminary
Amount DKK m. EUR
10E Preliminary
Amount EUR m.
14 December 2007 2010 2,400 2010 53
2012 800 212 7
Value date
2 January 2008.
Participants
Bids will be accepted from all members with access to OMX The Nordic Exchange
Copenhagen's mortgage-issuing sub-market.
Other conditions
1. Realkredit Danmark is not under any obligation to sell the entire amount
announced at the auctions.
2. On each auction day, Realkredit Danmark will not trade in the securities
identification code or codes offered on the auction at the specific auction
day prior to the announcement the results of the auction. After the results
have been announced, Realkredit Danmark's sales will be made at prices only
above the cut-off price of each securities identification code.
