Nykredit's test auctions - refinancing of ARMs in December 2008


As announced, Nykredit will conduct two test auctions prior to the refinancing
auctions in December to test systems and settlement procedures. 

The first test auction will be held on Thursday, 20 November 2008, in
DKK-denominated bonds and the second on Wednesday, 26 November 2008, in
EUR-denominated bonds. 

Both auctions will be held through NASDAQ OMX, Copenhagen's submarket for
mortgage bond issuers subject to long settlement on 2 January 2009 and order
book ID: ILS, submarket: 61 - OMX CPH FI Issuer for Mortgage Bonds LS. At both
auctions, bids will be accepted correct to three decimals. 

Bonds offered:
Date			ISIN:			Name:			Currency:
Thursday 20 Nov	DK000976709-7	4NYKE B ja10 nc	DKK
Wednesday 26 Nov	LU039200295-1	5NYKE B 10 nclu	EUR

On both dates, the auctions will open for bidding at 10.00am CET, close at
10.30am CET, and allotment of accepted bids will take place at 10.40am CET. 

In line with the December auctions, the amounts offered will be published at
nykredit.com/ir. 

If you are interested in participating in the test auctions, please contact
Lene Kjer Rasmussen, tel +45 44 55 10 63 or Christian Mauritzen, tel +45 44 55
10 14. 


Yours sincerely 
Nykredit Realkredit A/S

Attachments

nykredits test auctions - refinancing of arms in december 2008 - 18.11.2008.pdf