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| To NASDAQ OMX Copenhagen and the Press | 10 November 2009 |
| | Announcement no. |
| | 95/2009 |
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Sales of bonds for the refinancing of adjustable rate mortgage loans
During the days between 23 November 2009 and 11 December 2009 (inclusive)
BRFkredit will sell non-callable bullet bonds (RTL bonds) to refinance
adjustable rate mortgage loans.
The bonds are offered for sale with 4 January 2010 as settlement date. However,
investors who prefer to receive the bonds prior to this date may request so.
BRFkredit will carry out the bond sales as ordinary sales on NASDAQ OMX
Copenhagen. BRFkredit is not obliged to offer or sell any specific amount on any
specific dates. It is, however, the intention of BRFkredit to distribute the
sale evenly throughout the period. Post-trade information will be disclosed
through NASDAQ OMX Copenhagen.
The refinancing and interest rate adjustments are generally going to be based on
covered bonds (SDOs), but for certain segments, the interest rate adjustment
will be funded by mortgage bonds (ROs).
Refinancing prices for BRFkredit's borrowers with ARM loans that are being
refinanced as per 1st January 2010 will be announced later in December.
The offered bonds are rated Aa1 by Moody's Investors Service. The rating of
bonds issued by BRFkredit was put on review for possible downgrade by Moody's
Investors Service on 11 September 2009.
The amount of bonds to be offered is expected to be DKK 65-70bn. BRFkredit's
daily bond sales in relation to the disbursement of new mortgage loans,
purchases of bonds in relation to redemption of existing mortgage loans and
purchases for the investment of surplus liquidity will be executed in parallel
with the abovementioned sales.
The below mentioned bonds are expected to be offered during the period:
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| ISIN | Bond | Currency | Expected offered |
| | | | amount |
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| DK0009370454 | 2% 321.E.11 2011 | DKK | DKK 40bn |
| (SDO) | | | |
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| DK0009371262 (RO) | 2% 321.B.11 2011 | DKK | DKK 20bn |
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| DK0009370538 | 2% 321.E.12 2012 | DKK | DKK 2bn |
| (SDO) | | | |
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| DK0009371346 | 2% 321.E.13 2013 | DKK | DKK 4bn |
| (SDO) | | | |
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| DK0009371429 | 2% 321.E.14 2014 | DKK | DKK <1bn |
| (SDO) | | | |
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| DK0009371502 | 2% 321.E.15 2015 | DKK | DKK 3bn. |
| (SDO) | | | |
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| LU0401804868 | 4% 321.E.LU.11 2011 | EUR | EUR < 0.5bn |
| (SDO) | | | |
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Please note that the abovementioned amounts may change as customers in BRFkredit
with adjustable-rate loans that are up for refinancing on 1st January 2010
during the period up to and including 30 November 2009 can make choices in
relation to existing adjustable-rate loans, including changing the fixed rate
period. BRFkredit will publish updated information on expected offered amounts.
Technical questions regarding the bond sales please contact:
Head of Investments André Hauberg on telephone (+45) 45 26 29 18
Investor Relations Officer Jacob Winthereik on telephone (+45) 45 26 27 24
Other questions please contact:
Chief Economist, Ulrikke Ekelund on telephone (+45) 45 26 22 57
Yours sincerely
BRFkredit
Lars Waalen Sandberg
Senior Vice President
