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ScandiNotes V

For the fifth consecutive year HSH Nordbank Copenhagen Branch has arranged an issue under the successful ScandiNotes®-umbrella. ScandiNotes® V is a CDO (Collateralised Debt Obligation) consisting of 15 subordinated term loans given to regional Danish financial institutions only.
The issue has a total issue size of DKK 1,563 million and has a legal maturity of 8 years but is expected to be redeemed after 5 years.

New Features
The issue contains several new key features. Firstly, two tranches (Class B and Class C) have been guaranteed by the European Investment Fund, a supranational institution. Secondly, a rating has been obtained for the junior-tranche (Class D) and finally, the number of tranches is increased from three to four.

Tranches
The ScandiNotes® V issue has been listed on the Irish Stock Exchange (ISE) in Dublin and is divided into the following four tranches:

• ScandiNotes® V Class A 2012/2015; 3 months CIBOR + 0.30%
  Nominal amount: DKK 218,100,000
• ScandiNotes® V Class B 2012/2015; 3 months CIBOR + 0.10%
  Nominal amount: DKK 672,000,000
• ScandiNotes® V Class C 2012/2015; fixed rate 4%
  Nominal amount: DKK 417,900,000
• ScandiNotes® V Class D 2012/2015; fixed rate 4%
  Nominal amount: DKK 255,000,000

The Class A, B and C tranches are rated by Moody’s at Aaa, while the Class D tranche is rated Ba3. The Class D tranche is subordinated to the Class A, Class B and Class C tranches. The Class C tranche is subordinated to the Class A and B tranches, while the Class B tranche is subordinated to the Class A.

The bonds were issued by ScandiNotes Five p.l.c., which is a company domiciled and registered in Ireland.