Nykredit and Totalkredit plan to auction about DKK 42.8 billion in mortgage bonds from Nov. 16-20, 2026, to adjust rates on adjustable-rate mortgages and refinance variable-rate loans, Totalkredit A/S said.
The largest listed amount is DKK 13.9 billion for a bond maturing July 1, 2030. Its Nov. 20 auction lists a price of 100.20, with bids setting a spread over the Cita/6m reference rate. Two other large offerings — DKK 10.8 billion for bonds due Jan. 1, 2030, and DKK 10.5 billion for bonds due Jan. 1, 2032 — are scheduled across Nov. 17-19.
The Nov. 16 schedule also includes 10 DKK-denominated Capital Centre J offerings, each ranging from DKK 18 million to DKK 242 million. The two bond groups will use separate auction platforms: Capital Centre H sales are assigned to Nasdaq Copenhagen’s CPH Auctions platform, while Capital Centre J auctions will run through Bloomberg’s AUPD system. Totalkredit said the H bonds are rated AAA by S&P. The government-guaranteed J bonds carry no rating.
For adjustable-rate mortgages, the refinancing price will follow the volume-weighted average sale price at auction. If Nykredit considers the auction volume too small to establish a market-based price, it may use the relevant bond’s reference price on Nasdaq Copenhagen instead. Variable-rate loans will be refinanced through one auction, with bids determining the spread used to set the coupon.
Nykredit Realkredit A/S plans to publish available amounts by bond code each day during the auction period. The quantities may change with loan disbursements, and Nykredit Group is not required to sell all the announced amounts. It may also postpone all or part of the offering, but no later than the quarter’s second-to-last banking day.
Trades are scheduled to settle Jan. 4, 2027.
