Auction of mortgage covered bond series 10S and 10Q for the refinancing of FlexLån®

To 
NASDAQ OMX Copenhagen A/S
		

Executive Board
Parallelvej 17
DK-2800 Kgs. Lyngby
www.rd.dk

Telephone +45 7012 5300




17 September 2010

 
Company Announcement number 61 - 2010

Auction of mortgage covered bond series 10S and 10Q for the refinancing of
FlexLån® 

Realkredit Danmark will hold auctions on mortgage covered bonds for the
refinancing of FlexLån® as of 1 January 2011. 

The auction of 1-year bonds denominated in DKK or EUR and the 3-year and 5-year
bonds denominated in DKK will be held over ten trading days from 25 November
2010 through 8 December 2010. 

The auction of 2-year and 4-year bonds denominated in DKK will be held on a
single trading day -  Tuesday 7 December 2010. 

The auction of 2-year, 3-year, 4-year and 5-year denominated in EUR will be
held on one trading day -Wednesday 8 December 2010. 

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. 

The preliminary amount of bonds are updated weekly on rd.dk/Investor from week
40. 

The final amount of each ISINs to be auctioned will be announced in week 46.



The Executive Board

Any additional questions should be addressed to Senior Dealer Søren Gravgaard,
phone +45 45 13 20 19. 


 
Appendice 1: Terms and conditions of Realkredit Danmark's auction to be held
from 25 November through 8 December 2010

Auction:
The auction will take place at NASDAQ OMX Copenhagen's mortgage-issuing
sub-market. 

The Dutch auction principle and hidden call method will be used. 

Hidden call means that the bidders can only see their own bids, whereas the
issuer can see all bids. 

Allocation:
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. 


Decimal points:
Investors may place their bids at prices with up to three decimal places for
1-year bonds maturing in 2012 in both the 10S and 10Q series. 

For the rest of the ISIN codes offered, bids may contain only two decimal
places. 

Bonds:
Realkredit Danmark will put mortgage covered bonds in series 10S and 10Q,
maturing from 2012 to 2016 on the auction. 

The final amounts offered in each series will be announced in week 46. 
	
Bids/settlement:	
The auction will be held with three cut off periods 11.00am, 12.30pm and
1.30pm. 
The IPMO is set to 10 minutes. 



The following mortgage covered bonds will be offered:
Date	Cut off period	Settlement	DKK
10S
	Preliminary total amount DKK m.*	EUR
10Q
	Preliminary total amount EUR m.*
25 Novem-ber 2010-
 8 Decem-ber 2010 	11.00am	11.10am	2012	138,760	2012 	4,450
	12.30pm	12.40pm	2014	14,960	-	
			2016	8,340		
7 December 2010	1.30pm	1.40pm	2013	3,190		
			2015	901	-	
8 December 2010
	1.30pm	1.40pm	-		2013	23
			-		2014	112
			-		2015	11
			-		2016	38
* The amount is the total amount of bonds in each series to be put on auction.
The amount will change to the extent of forward rate agreements entered into,
prepayments or shift in the loan profile 
 
Value date:
3 January 2011.

Participants:
Bids will be accepted from all members with access to NASDAQ OMX Copenhagen's
mortgage-issuing sub-market. 

Technical break down:
In the case where it is not possible to carry through a auction by NASDAQ OMX
Copenhagen's mortgage-issuing sub-market the auction will be postponed. 

Realkredit Danmark will inform about this through a company announcement.  

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 ISIN code or
codes offered on the auction at the specific auction day prior to the
announcement the results of the auction.