Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Eiendomskreditt — Debt Investor Presentation (2024)
22 slides from Nordea Bank Abp's debt investor presentation, 2024
Slide 1: Nordea Eiendomskreditt investor presentation
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Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 9 4. Covered bond framework 13 5. Macroeconomy 6. Further information
Slide 3: 1. In brief
1. In brief
Slide 4: Covered bonds
Covered bonds Nordea covered bond operations Four aligned covered bond issuers with complementary roles Legislation Cover pool assets Cover pool size Covered bonds outstanding oc Issuance currencies Rating (Moody's / S&P) Outstanding green covered bonds Nordea Eiendomskreditt riLN Up Norwegian Norwe
Slide 5: Nordea Eiendomskreditt — overview
Nordea Eiendomskreditt — overview Q3 2024 it 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution “gS The purpose of the Issuer is to acquire and provide residential mortgage loans and finance its activities mainly through issuance of covered bonds =] Financial Underta
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q3 2024 Cover pool summary Loans in cover pool Outstanding covered bonds Cover pool content Geographic distribution Asset distribution Weighted average LTV Average loans size Over collateralization, OC Rate type Amortization Pool type Loans originated by NOK 331.3bn NO
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q3 2024 Cover pool balance by loan category m Single family houses = Tenant owner units Summer houses Cover pool balance by region mEast m= Mid North mSouth m= West Nordea
Slide 9: 3. Asset quality
3. Asset quality
Slide 10: Continuous distribution where each loan can exist in multiple buckets
Continuous distribution where each loan can exist in multiple buckets * Loan To Value (LTV) Q3 2024 Weighted Average LTV — Indexed — 55.5% 3H13 . . 100% Nominal % Residential Loans ° 70.3 27% 483 ore 551 al 21% 15% 21% 11% na ms na ms 0-40% 40-50% 50-60% 60-70% 70-80% Total 0-40% 40-50% 50-60% 60-70
Slide 11: Loan structure
Loan structure Q3 2024 100% 80% 60% 40% 20% 0% 23Q2 23Q3 Rate type 23Q4 24Q1 24Q2 2403 = Floating rate m Fixed rate 100% 80% 60% 40% 20% 0% 23Q2 2393 Repayment 23Q4 24Q1 24Q2 2493 = Amortising m Bullet / interest only 1 Nordea
Slide 12: Underwriting criteria
Underwriting criteria Regulation Mortgages are regulated in “Utlansforskriften” which sets requirements on borrowers’ debt to income, rent sensitivity, instalments and loan to value Repayment ability * Nordea’s credit decision is based on the customer.s repayment ability and collateral is always tak
Slide 13: 4. Covered bond framework
4. Covered bond framework
Slide 14: Norwegian covered bond framework
Norwegian covered bond framework Legal framework + Financial Undertakings Act (Act. No. 17 of 10 April 2015, Norwegian: Finansforetaksloven), which was recently amended on 8 July 2022 to implement the European Covered Bond Directive Registration and independent inspector + Amortgage credit instituti
Slide 15: 5. Macroeconomy
5. Macroeconomy
Slide 16: Nordic economic development
Nordic economic development Activity picks up GDP Unemployment rate 140 4 index 2007Q1=100 GDP, level index 2007Q1=100[ °F 4¢ Unemployment vf” 1354 135 10 10 — Swed 1307 — Sweden pe 9 125 + —pDenmark " 125 5 120 7 Finland 120 7 us M5 og 105 105, 100 1000, | 954 sy 1 90 90 2008 2010 2012 2014 2016 20
Slide 17: Nordic economies
Nordic economies Precision play Policy rates 5.0 ty, 45 40 35 3.0 25 20 15 1.0 Os 0.0 -05 “1.0 Policy rates % 1°12°973°«214°:15°:'16«17-:«18:«19-« 20-21 22°23 24 25 26 —Sweden Norway — Denmark —Euro Area 5.0 Public balance/debt, % of GDP, 2024E (IMF) 150 ? 2o2ae ps Nocway q 100 8 7s * 50 Bra] commen
Slide 18: Households
Households Purchasing power is increasing, but from low levels Household debt Household savings 300 40% of disposable Household debt % of disposable[ 30° 20.0 4% of disposable Household saving rate 20.0 275 4income income} 275 47.5 Jincome 75 250 250 15.04 Sweden 15.0 ———— ~~ Norway 225 225 125 = De
Slide 19: Housing markets
Housing markets Brighter outlook Home prices Households’ credit growth 250 index, 2007=100 Home prices 250 15.0) iy Households’ credit growth % viv 225 225 125 10.0 2001 — sweden 200 7s 175 Norway 175 5.04 Denmark 25 150 Finland 150 0.0 125 125 25 -5.0 100 100 7S 75 75 40.0 07 08 09 10 11 12 13 14 1
Slide 20: 6. Further information
6. Further information
Slide 21: Nordea Eiendomskreditt — outstanding benchmark covered bonds
Nordea Eiendomskreditt — outstanding benchmark covered bonds Q3 2024 “Green bond Breal n by ISIN ISIN Currency Amount (EURm) Maturity Coupon NO0010873334 NOK 36,300 19/03/2025 FRN NO0010893282 NOK 35,000 16/09/2025 FRN NO0010981301 NOK 27,400 18/03/2026 FRN NO0010852650 NOK 6,000 22/05/2026 2.170% N
Slide 22: Contacts
Contacts Investor Relations Maria Caneman Head of Debt IR and Ratings Tel: +46 10 156 50 19 Mobile: +46 768 24 9218 maria.caneman@nordea.com Group Treasury Fredrik Dahllof Senior Dealer Tel: +46 8 407 90 69 Mobile: +46 721 45 75 56 fredrik.dahllof@nordea.com 2 Morten Kiel Head of Covered bonds Tel:
Nordea Eiendomskreditt — Debt Investor Presentation (2024) on 6ix