Test auction in connection with refinancing at end-2010


To test systems and settlement procedures, Nykredit will conduct test auctions
on Monday 22 November 2010 through NASDAQ OMX Copenhagen A/S's submarket for
mortgage bond issuers subject to long settlement (order book ID: ILS,
submarket: 61 - OMX CPH FI Issuer for Mortgage Bonds LS). 

The test auctions will be held with 3 January 2011 as value date, and bids will
be accepted correct to three decimals at the auctions. 

The following covered bonds (SDO) will be offered:
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ISIN:            Name:                               Currency:       Offer:
DK000976725-3    4% Nykredit 12E SDO B nc jan 2012   DKK             DKK 50m
LU054178476-4    1% Nykredit 12E B janclu 2012       EUR             EUR 10m
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 10:00 - Auctions open for bidding.
 10:30 - Auctions close.
 10:40 - Allotment of accepted bids.

If you are interested in participating in the test auctions, please contact
Nykredit Realkredit A/S, Group Treasury, Lars Mossing Madsen, tel +45 44 55 11
66, 
Christian Mauritzen, tel +45 44 55 10 14, Pernille Bach Ladevig, tel +45 44 55
10 63 or Theis Ingerslev, tel +45 44 55 20 21. 

Other inquiries may be addressed to Henrik Hjortshøj-Nielsen, Executive Vice
President, Group Treasury, tel +45 44 55 10 40, or Nels Petersen, Head of
Corporate Communications, tel +45 44 55 14 70/+45 20 22 22 72.

Attachments

test auction in connection with refinancing at end-2010 - 08 11 2010.pdf