Today Nykredit and Totalkredit conducted a number of stand-alone auctions of covered bonds ("særligt dækkede obligationer" - SDOs) in connection with the interest rate adjustment of Nykredit Tilpasningslån (ARMs) and Totalkredit BoligXlån loans according to the Auction Price principle. The interest rate of the loans will be adjusted on 1 January 2008. The auctions had an average bid-to-cover rate of 2.1 and bonds of a nominal DKK 5.1bn and EUR 436m were sold.