Denmark: Change in drawing process - new redemption model for bonds

Clearstream Banking¹ advises customers that VP Securities has announced the implementation of a new redemption model effective

21 September 2015

for bonds in order to better align with international standards.

The new redemption model for bonds will apply from 21 September onwards and will move the record date from payment date -4 business days, to payment date -1 business day (the day prior to the due date).

Key changes

In the new redemption model, the total quantity for partial redemption for each ISIN is fixed from the publication date, which will be between 4.5 and 1.5 months before the payment date (due date). The redemption percentage may vary until final calculation on record date (the day before the payment date).

The actual partial redemption takes place at the end of day on record date (payment date-1 business day). The final redemption percentage is submitted to NASDAQ Copenhagen for publication and released to the market by end of day on record date.

The current drawing process will continue to apply only for partial redemption with a payment date before 21 September 2015. The new and current model for redemption will therefore co-exist depending on the due date of the bond.

Further information

For further information, please contact Clearstream Banking Client Services or your Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.