Obligation DNB Boliglån A.S 0.625% ( XS1839888754 ) en EUR

DNB Boliglån A.S

100 % ▲

Norvege

XS1839888754 ( en EUR )

0.625% par an ( paiement annuel )

19/06/2025 - Obligation échue

Prospectus brochure de l'obligation DNB Boligkreditt A.S XS1839888754 en EUR 0.625%, échue

DNB Boligkreditt A.S. est une société de crédit hypothécaire norvégienne, filiale de DNB, l'un des plus grands groupes financiers de Norvège, offrant des prêts hypothécaires résidentiels aux particuliers et aux entreprises.

L'Obligation émise par DNB Boliglån A.S ( Norvege ) , en EUR, avec le code ISIN XS1839888754, paye un coupon de 0.625% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 19/06/2025

EXECUTION VERSION
FINAL TERMS

PROHIBITION OF SALES TO EEA RETAIL INVESTORS The Covered Bonds are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to
any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a
person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive
2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC (as
amended, the "Insurance Mediation Directive"), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive
2003/71/EC (as amended, the "Prospectus Directive"). Consequently no key information document
required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the
Covered Bonds or otherwise making them available to retail investors in the EEA has been prepared and
therefore offering or selling the Covered Bonds or otherwise making them available to any retail investor in
the EEA may be unlawful under the PRIIPs Regulation.
MIFID II PRODUCT GOVERNANCE / Professional investors and ECPs only target market Solely for
the purposes of each manufacturer's product approval process, the target market assessment in respect of
the Covered Bonds has led to the conclusion that: (i) the target market for the Covered Bonds is eligible
counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution
of the Covered Bonds to eligible counterparties and professional clients are appropriate. Any person
subsequently offering, selling or recommending the Covered Bonds (a "distributor") should take into
consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is
responsible for undertaking its own target market assessment in respect of the Covered Bonds (by either
adopting or refining the manufacturers' target market assessment) and determining appropriate distribution
channels.
15 June 2018
DNB Boligkreditt AS
Issue of 1,500,000,000 0.625 per cent. Covered Bonds due June 2025 under the
60,000,000,000 Covered Bond Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the
Base Prospectus dated 22 June 2017 and the supplements to the Base Prospectus dated 13 July 2017, 26
October 2017, 5 February 2018, 2 May 2018 and 31 May 2018, which together constitute a base prospectus
for the purposes of the Prospectus Directive (the "Base Prospectus"). This document constitutes the Final
Terms of the Covered Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive and
must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the
Covered Bonds is only available on the basis of the combination of these Final Terms and the Base
Prospectus. These Final Terms, the Base Prospectus and the supplements have been published on the
website of the Irish Stock Exchange at www.ise.ie.

1
Issuer:
DNB Boligkreditt AS
2
(i)
Series Number:
188
(ii)
Tranche Number:
1
(iii)
Date on which the Covered Bonds will be Not Applicable
consolidated and form a single Series:
3
Specified Currency or Currencies:
Euro ("")
4
Aggregate Nominal Amount:

Series:
1,500,000,000

Tranche:
1,500,000,000
5
Issue Price:
99.408 per cent. of the Aggregate Nominal
Amount
6
(i)
Specified Denominations:
100,000 and integral multiples of 1,000 in
excess thereof up to and including 199,000.
No Covered Bonds in definitive form will be
issued with a denomination above 199,000
(ii)
Calculation Amount:
1,000
7
(i)
Issue Date:
19 June 2018
(ii)
Interest Commencement Date:

(a)
Period to Maturity Date:
Issue Date
(b)
Period from Maturity Date up to Maturity Date
Extended Maturity Date:
8
(i)
Maturity Date:
19 June 2025
(ii)
Extended Maturity Date:
Applicable

The Extended Maturity Date is 19 June 2026.

In accordance with the Conditions and these
Final Terms, if the Issuer fails to redeem the
Covered Bonds in full on the Maturity Date or
within two Business Days thereafter, the
maturity of the principal amount outstanding of
the Covered Bonds will automatically be
extended up to one year to the Extended
Maturity Date without constituting an event of
default or giving holders of the Covered Bonds
any right to accelerate payments on the
Covered Bonds. In that event, the interest rate
payable on, and the interest periods and
Interest Payment Dates, in respect of the
Covered Bonds, will change from those that
applied up to the Maturity Date and the Issuer
may redeem all or part of the principal amount
outstanding of those Covered Bonds on an
Interest Payment Date falling in any month
after the Maturity Date up to and including the
Extended Maturity Date, all in accordance with
the Conditions and these Final Terms. See
Conditions 3(d) and 5(i).
9
Interest Basis:

(i)
Period to (and including) Maturity Date:
0.625 per cent. Fixed Rate

(further particulars specified in paragraph 13
below)
(ii)
Period from (but excluding) Maturity Date 1 month EURIBOR + 0.02 per cent.
up to (and including) Extended Maturity Floating Rate
Date:
(further particulars specified in paragraph 14
below)
0030155-0001369 ICM:30299176.4
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10
Redemption Basis:
Subject to any purchase and cancellation or
early redemption, the Covered Bonds will be
redeemed on the Maturity Date at 100 per
cent. of their nominal amount.
Applicable
11
Change of Interest Basis:
(Further particulars specified in paragraphs 13
and 14 below)
12
Put/Call Options:
Not Applicable
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13
Fixed Rate Covered Bond Provisions

(I)
To Maturity Date:
Applicable
(II)
From Maturity Date up to Extended Not Applicable
Maturity Date:

(i)
Rate(s) of Interest:

(a)
To Maturity Date:
0.625 per cent. per annum payable in arrear on
each Interest Payment Date
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:

(ii)
Interest Payment Date(s):

(a)
To Maturity Date:
19 June in each year commencing 19 June
2019 up to and including the Maturity Date
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:

(iii)
Fixed Coupon Amount(s):

(a)
To Maturity Date:
6.25 per Calculation Amount
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:
(iv)
Broken Amount(s):

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:
(v)
Day Count Fraction:

(a)
To Maturity Date:
Actual/Actual (ICMA)
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:
(vi)
Determination Date(s):

(a)
To Maturity Date:
19 June in each year
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:

0030155-0001369 ICM:30299176.4
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14
Floating Rate Covered Bond Provisions

(I)
To Maturity Date:
Not Applicable
(II)
From Maturity Date up to Extended Applicable
Maturity Date:

(i)
Specified Period(s)/Specified

Interest Payment Dates:
(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to
The nineteenth day of each month with the first
Extended Maturity Date:
such Specified Interest Payment Date being 19
July 2025, until the earlier of (A) the date on
which the Covered Bonds are redeemed in full
and (B) the Extended Maturity Date, subject to
adjustment in accordance with the Business
Day Convention set out in (ii) below
(ii)
Business Day Convention:

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to Modified Following Business Day Convention
Extended Maturity Date:
(iii)
Additional Business Centre(s):

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to
Not Applicable
Extended Maturity Date:
(iv)
Manner in which the Rate of

Interest and Interest Amount is to
be determined:
(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to
Screen Rate Determination
Extended Maturity Date:
(v)
Party responsible for calculating

the Rate of Interest and Interest
Amount (if not the Fiscal Agent):
(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to
Not Applicable
Extended Maturity Date:
(vi)
Screen Rate Determination:

(a)
To Maturity Date:

-
Reference Rate:
Not Applicable
-
Interest
Not Applicable
Determination

Date(s):
-
Relevant Screen Not Applicable
Page:

0030155-0001369 ICM:30299176.4
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(b)
From Maturity Date up to

Extended Maturity Date:
-
Reference Rate:
1 month EURIBOR
-
Interest
Second day on which the TARGET 2 System
Determination
is open prior to the start of each Interest Period
Date(s):
-
Relevant Screen Reuters Screen EURIBOR 01 (or any
Page:
successor page)
(vii)
ISDA Determination

(a)
To Maturity Date:

-
Floating
Rate Not Applicable
Option:
-
Designated
Not Applicable
Maturity:
-
Reset Date:
Not Applicable
(b)
From Maturity Date up to

Extended Maturity Date:
-
Floating
Rate Not Applicable
Option:
-
Designated
Not Applicable
Maturity:
-
Reset Date:
Not Applicable
(viii)
Linear Interpolation:

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:
(ix)
Margin(s):

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to + 0.02 per cent. per annum
Extended Maturity Date:
(x)
Minimum Rate of Interest:

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to Not Applicable
Extended Maturity Date:
(xi)
Maximum Rate of Interest:

(a)
To Maturity Date:
Not Applicable
(b)
From Maturity Date up to
Not Applicable
Extended Maturity Date:
(xii)
Day Count Fraction:

(a)
To Maturity Date:
Not Applicable
0030155-0001369 ICM:30299176.4
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(b)
From Maturity Date up to
Actual/360
Extended Maturity Date:
15
Zero Coupon Covered Bond Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION

16
Issuer Call
Not Applicable
17
Investor Put
Not Applicable
18
Final Redemption Amount of each Covered Bond:
1,000 per Calculation Amount
19
Early Redemption Amount(s) per Calculation
1,000 per Calculation Amount
Amount payable on redemption for taxation
reasons or on event of default:
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
20
Form of Covered Bonds:

(i)
Form:
Bearer Covered Bonds:

Temporary Bearer Global Covered Bond
exchangeable for a Permanent Bearer Global
Covered Bond which is exchangeable for
Definitive Bearer Covered Bonds only upon an
Exchange Event
(ii)
New Global Covered Bond:
Yes
21
Additional Financial Centre(s):
Not Applicable
22
Talons for future Coupons to be attached to
No
Definitive Covered Bonds (and dates on which
such Talons mature):

0030155-0001369 ICM:30299176.4
6

PART B OTHER INFORMATION

1
LISTING AND ADMISSION TO TRADING
(i)
Listing and admission to trading:
Application has been made to the Irish Stock
Exchange plc for the Series to be admitted to

the official list ("Official List") and trading on its
regulated market (the "Main Securities
Market") with effect from 19 June 2018

(ii)
Estimate of total expenses related to
600
admission to trading:
2
RATINGS:
The Covered Bonds to be issued are expected
to be rated "Aaa" by Moody's Investors Service
Limited ("Moody's") and "AAA" by Standard &
Poor's Credit Market Services Europe Limited
("S&P")

Each of Moody's and S&P is established in the
European Union and is registered under
Regulation (EC) No. 1060/2009 (as amended)
(the "CRA Regulation") and is on the list of
registered credit rating agencies published on
ESMA
website:
http://www.esma.europa.eu/page/List-
registered-and-certified-CRAs.
3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE:
Save for any fees payable to the Managers, so far as the Issuer is aware, no person involved in the
issue of the Covered Bonds has an interest material to the offer. The Managers and their affiliates
have engaged, and may in the future engage, in investment banking and/or commercial banking
transactions with, and may perform other services for the Issuer and its affiliates in the ordinary
course of business.
4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:
(i)
Reasons for the offer:
As fully described in the DNB Boligkreditt
Green
Covered
Bond
Framework
(the
Framework) published in May 2018, an amount
equal to the net proceeds of the Green
Covered Bonds will be allocated to fund a loan
portfolio of new and existing mortgages for
energy efficient residential buildings in Norway.
All relevent information can be found on the
Issuer's
dedicated
website
at
https://www.ir.dnb.no/funding-and-rating/green-
covered-bonds.
(ii)
Estimated net proceeds:
1,488,870,000
5
YIELD: (Fixed Rate Covered Bonds only) 0.712 per cent. from (and including) the Issue
Indication of yield:
Date to (but excluding) the Maturity Date. The
yield thereafter will depend on the Rate of
Interest from the Maturity Date to the Extended
Maturity Date. The yield stated above is
0030155-0001369 ICM:30299176.4
8

calculated on the basis of the Issue Price as at
the Issue Date. It is not an indication of future
yield.
6
HISTORIC INTEREST RATES:
Details of historical EURIBOR rates can be obtained from Reuters (or any successor page).

7
OPERATIONAL INFORMATION:

(i)
ISIN:
XS1839888754
(ii)
Common Code:
183988875
(iii)
Any clearing system(s) other than
Not Applicable
Euroclear, Clearstream Luxembourg
(together with the address of each such
clearing system) and the relevant
identification number(s):
(iv)
Delivery:
Delivery against payment
(v)
Names and addresses of additional
Not Applicable
Paying Agent(s) (if any):
(vi)
Intended to be held in a manner which
Yes. Note that the designation "yes" simply
would allow Eurosystem eligibility:
means that the Covered Bonds are intended
upon issue to be deposited with one of the
ICSDs as common safekeeper and does not
necessarily mean that the Covered Bonds will
be recognised as eligible collateral for
Eurosystem monetary policy and intra-day
credit operations by the Eurosystem either
upon issue or at any or all times during their
life. Such recognition will depend upon the
ECB being satisfied that Eurosystem eligibility
criteria have been met.
8
DISTRIBUTION

(i)
Method of distribution:
Syndicated
(ii)
If syndicated, names of Managers:
Crédit Agricole Corporate and Investment
Banking
DNB Markets, a part of DNB Bank ASA
ING Bank N.V.
Landesbank Baden-Württemberg
UniCredit Bank AG
Norddeutsche Landesbank Girozentrale
(iii)
Date of Subscription Agreement:
15 June 2018

(iv)
If non-syndicated, name of relevant Not Applicable
Dealer:
(v)
U.S. Selling restrictions:
TEFRA D
(vi)
Prohibition of Sales to EEA Retail Applicable
0030155-0001369 ICM:30299176.4
9

Investors:

0030155-0001369 ICM:30299176.4
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