Bond KommuneCredit 0.375% ( DK0008931538 ) in DKK

KommuneCredit

59 % ⇌

Denmark

DK0008931538 ( in DKK )

0.375% per year ( payment 1 time a year)

02/02/2045

Prospectus brochure of the bond KommuneKredit DK0008931538 en DKK 0.375%, maturity 02/02/2045

03/02/2027 ( In 360 days )

KommuneKredit is a Danish municipal loan institution providing financing to Danish municipalities and other public sector entities for various infrastructure and public service projects.

The Bond issued by KommuneCredit ( Denmark ) , in DKK, with the ISIN code DK0008931538, pays a coupon of 0.375% per year.
The coupons are paid 1 time per year and the Bond maturity is 02/02/2045

BOND TERMS

The Bond Terms are prepared in Danish and translated into English. In case of

discrepancies between this version and the Danish version, the Danish version shall

prevail. This document is for informational purposes only.

BOND TERMS FOR KOMMUNEKREDIT 0.375% BULLET LOAN DUE 2045
Fixed rate non-callable bonds (hereafter "the Bonds")
Issuer
KommuneKredit (hereafter
"KommuneKredit" or the "Issuer").
Legal Framework
KommuneKredit is established by Act
(Lov om kreditforeningen af kommuner
og regioner i Danmark).
KommuneKredit's purpose is to provide
lending and financial leasing to
municipalities, regions, municipal
companies and other institutions that are
jointly and severally liable for loans
raised, or in which one or more
municipalities or regions participate, or
to institutions, where one or more
municipalities or regions have
guaranteed the loan amount.
As supervisory authority the Ministry of
Industry, Business and Financial Affairs
ensures compliance with the Act and
regulations issued pursuant to the Act.
Issuer's CVR (VAT) number
22128612
Issuer's LEI Number
529900D8QLTZ6PRLJL76
Issuer Rating
Aaa (Moody's) / AAA (S&P)
Are the Bonds to be rated?
Yes
Bond Rating (expected)
Aaa (Moody's) / AAA (S&P)
ISIN Code
DK0008931538
Series Number
Series 349
Bond Type
Bullet loan. The Bonds are non-callable.
The Bonds are redeemed in full on the
Maturity Date or the first Banking Day
thereafter.
Denomination
Danish kroner (DKK)
First day of Listing
3 February 2020
Closing Date
3 January 2045
Page 1 of 7

BOND TERMS
Maturity Date
3 February 2045
Denomination
DKK 0.01
Form of Bonds
No definitive bonds are issued. The
Bonds are issued as dematerialized
Bonds registered at the Place of
Registration.
Negotiability
The Bonds are negotiable debt
instruments. The Bonds are non-
registered.
Status of Bonds
Senior unsecured
Liability
All claims against KommuneKredit are
secured through the members' joint and
several liability for all of
KommuneKredit's liabilities. The
members can only be Danish
municipalities and regions. If
KommuneKredit defaults on a payment
obligation relating to the bonds, the
bondholders can, effective immediately,
assert a claim against any of
KommuneKredit's members.
Callability
The Bonds are irredeemable by the
bondholders.
Conditional renewal of term to
No
maturity

Interest and Payment

Interest Basis
Fixed Rate
Nominal Interest Rate
0.375 per cent per annum
Yield to maturity
Cannot be specified, as the Bonds are
issued on an ongoing basis.
Interest Rate Spread per annum
Not applicable as the Bonds are Fixed
Rate.
Reference Rate
Not applicable as the Bonds are Fixed
Rate.
Fixing
Not applicable as the Bonds are Fixed
Rate.
Fixing method
Not applicable as the Bonds are Fixed
Rate.
Page 2 of 7

BOND TERMS
Fixing period
Not applicable as the Bonds are Fixed
Rate.
Information on movements in the
Not applicable as the Bonds are Fixed
price for the money market rate
Rate.
which forms basis for the reference
rate
Day Count Fraction
Act/Act (ICMA)
Number of Interest Rate Periods per
1
annum
Interest Rate Periods
3 February 2 February
Interest is calculated from and including
the first day of the Interest Rate Period to
and including the last day of the of the
Interest Rate Period (unadjusted). The
first Interest Rate Period commences on 3
February 2020.
Payment Dates for Interest
3 February of each year from and
including 3 February 2021 to and
including the Maturity Date. If the
Payment Date for Interest is a day, which
is not a Banking Day, payment is
postponed to the following Banking Day.
Banking Day
Danish Banking Days
Danish Banking Day means any day on
which Danish payment service providers
and Danish commercial banks are open
for general business.
Payments
Payment of interest etc. are made via
transfer on the relevant date to the
designated financial institution.
Redemption
Bonds are redeemed on the Maturity
Date.

Underlying loans

Are the bonds based on underlying
Yes
loans?
The net proceeds of the Bonds will be
used for general corporate purposes.
Bullet loans
No
Annuity loans
No
Page 3 of 7

BOND TERMS
Serial loans
No
Interest-only option offered to
No
borrowers
Callable
No
Borrower's Early Redemption
Not applicable.
Redemption Price at Maturity
100

Securities Depository and

Regulated Market
Place of Registration
VP Securities A/S
Weidekampsgade 14
P.O. Box 4040
DK-2300 Copenhagen S.
Denmark

Place of Listing
The Bonds are listed on Nasdaq
Copenhagen A/S.
Date of Listing
3 February 2020
Calculation Agent
Issuer

Costs and offering

Costs of admission to trading on a
Costs shall not be covered by investor.
regulated market
Costs payable by investor
Investors are themselves responsible for
checking which trade costs for example
commissions and/or charges of extra
brokerage fees are imposed by third
parties in connection with the purchase of
the Bonds.
Issue Price
Market price
Settlement
The Bonds are traded 2 Banking Days
prior to Settlement.
Outstanding Amount
The Outstanding Amount of Bonds issued
in this series will be announced regularly
at the website of Nasdaq Copenhagen A/S
www.nasdaqomxnordic.com.
Page 4 of 7

BOND TERMS
Offer Period
There will not be any public offering as the
Bonds are sold by the Issuer via the
regulated market at the Place of Listing.
Limitations for the investor
The Issuer has not imposed limitations on
the individual investor's right to subscribe
for the Bonds.
Access to information on bondholders No
Agreements on
The Issuer has not entered into any
placement/underwriting of the offer
binding agreements with any third party
concerning
the
placement
and/or
underwriting of the issue of the Bonds.
Agreements on market making
The Issuer has not entered into any
agreement with any third party
concerning market making in the Bonds.
Taxation
The Issuer shall not be held liable for any
changes in the tax treatment of the Bonds
or in the tax position of the bondholders
including any withholding of tax of any
kind or collection of tax at source imposed
by public authorities.
All bondholders are encouraged to seek
separate and individual advice.
Limitation
The Bonds are subject to limitation in
accordance with the Act on Limitation in
respect of a claim.

Governing law and jurisdiction
The Bonds, and legal matters related
hereto, are governed by Danish law. The
judicial district, in which KommuneKredit
has its headquarters at any given time,
will have jurisdiction.

Other terms and conditions

Conditional extension of the term to
When the Bonds are used to finance
maturity
KommuneKredit's rate-adjustable loans
and the term to maturity of an rate-
adjustable loan is longer than the term to
maturity of the Bonds, it shall apply to the
Bonds, which on maturity are to be
replaced by new bonds refinancing the
rate-adjustable loan, that, if there are not
enough buyers for all the required new
bonds, then the term to maturity of the
Bonds in question is extended by 12
Page 5 of 7

BOND TERMS
months at a time, until refinancing can be
completed with enough buyers for all the
required new bonds. Thus, all or part of
this series may be subject to extension.
Interest on the Bonds, which are subject
to an extension on the term to maturity,
is fixed at the Yield-to-maturity of a bond
with an 11-14 months remaining term to
maturity, fixed 11-14 months prior, plus
5 percentage points. Interest is fixed the
first time the term to maturity of the
Bonds is extended. Further extension of
the term to maturity will not cause a
change in interest.

Other Definitions

Day Count Fraction Act/Act (ICMA)
Means that:
for a period corresponding to a whole
Interest Rate Period the coupon
payment per Denomination is
calculated as: Denomination *
Nominal Interest Rate / Number of
annual Interest Rate Periods,
for a period, which is shorter than
the whole Interest Rate Period, the
coupon payment per Denomination
shall be calculated as: Denomination
* (Nominal Interest Rate / Number
of annual Interest Rate Periods) *
(Actual number of days in the period
/ Number of days in the Interest
Rate Period),
for a period, which is longer than the
whole Interest Rate Period, the
coupon payment per Denomination
shall be calculated as the sum of:
Denomination * (Nominal
Interest Rate / Number of annual
Interest Rate Periods) * (Actual
number of days to fall within the
Interest Rate Period in which the
period starts / Number of days in
the Interest Rate Period in which
the period starts), and
Denomination * (Nominal
Interest Rate /Number of annual
Interest Rate Periods) * (Actual
number of days falling within the
Interest Rate Period in which the
period ends / Number of days in
Page 6 of 7

BOND TERMS
the Interest Rate Period in which
the period ends).

Copenhagen, 27 January 2020

_____________________________
_____________________________
Henrik Andersen

Eske Hansen

Page 7 of 7