Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Eiendomskreditt — Debt Investor Presentation (2022)
22 slides from Nordea Bank Abp's debt investor presentation, 2022
Slide 1: Q1 2022 Debt investor presentation: Nordea Eiendomskreditt Covered Bonds
Q1 2022 Debt investor presentation Nordea Eiendomskreditt Covered Bonds
Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 10 4. Covered bond framework 14 5. Macro 16 6. Further information 20 2
Slide 3: 1. In brief
1. In brief 3
Slide 4: Nordea covered bond operations
Nordea covered bond operations Q1 2022 Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Nordea Mortgage Bank Four aligned covered bond issuers with complementary roles Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential mortgages Swedish residential mortgages prim
Slide 5: Nordea Eiendomskreditt – overview
Nordea Eiendomskreditt – overview Q1 2022 • A 100% owned subsidiary of Nordea Bank Abp • The purpose of the Issuer is to acquire and provide residential mortgage loans and finance its activities mainly through issuance of covered bonds • Issues also green covered bonds • Loans are originated by Nord
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics 6
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q1 2022 Cover pool summary Pool notional NOK 210.4bn Outstanding Covered Bonds NOK 111.3bn Cover pool content Mortgage loans secured by Norwegian residential collateral Geographic distribution Throughout Norway with concentration to urban areas Asset distribution 100%
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q1 2022 Cover pool balance by loan category Cover pool balance by region Summer houses 3% West 19% Tenant owner units 27% South 5% North 5% Single family East 62% houses 70% Mid 8% 8 Open
Slide 9: 3. Asset quality
3. Asset quality 9
Slide 10: Loan to Value (LTV)
Loan to Value (LTV) Each loan is reported in the highest bucket Q1 2022 Weighted Average LTV - Indexed 49.8% LTV buckets Nominal (NOKm) % Residential Loans >0 - <=40 % 57.9 27% >40 - <=50 % 38.8 18% >50 - <=60 % 48.7 23% >60 - <=70 % 43.5 21% >70 - <=80 % 22.5 11% Total 210.4 100% 10 Open
Slide 11: Loan structure
Loan structure Q1 2022 Rate type Repayment 100% 100% 90% 80% 80% 70% 60% 61% 61% 62% 63% 62% 60% 60% 99% 98% 98% 98% 98% 98% 50% 40% 40% 30% 20% 20% 40% 39% 39% 38% 37% 38% 1% 2% 2% 2% 2% 2% 10% 0% 0% 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 Fixed rate Floating rate Bullet / inter
Slide 12: Underwriting criteria
Underwriting criteria Q1 2022 Regulation • Mortgages are regulated in "Boliglånsforskriften" which sets requirements on borrowers' debt to income, rent sensitivity, instalments and loan to value. Affordability • Customer's ability to service its commitment out of its cash flow/income is critical • R
Slide 13: 4. Covered Bond framework
4. Covered Bond framework alge fee: tly Nordea
Slide 14: Norwegian covered bond framework
Norwegian covered bond framework Q1 2022 • Legal framework • Financial Undertakings Act (Act. No. 17 of 10 April 2015, Norwegian: Finansforetaksloven) • Registration and independent inspector • A mortgage credit institution shall for each cover pool establish a register of loans, interest rate contr
Slide 15: 5. Macroeconomy
5. Macroeconomy alge fle tly Nordea
Slide 16: Resilient economies facing global uncertainty
Resilient economies facing global uncertainty • • • 16 Open
Slide 17: Interest rates to rise throughout the Nordics
Interest rates to rise throughout the Nordics • • • • • • 17 Open
Slide 18: Households facing high inflation and rising interest rates
Households facing high inflation and rising interest rates • • 18 Open
Slide 19: Rising interest rates might cool off hot Nordic housing markets
Rising interest rates might cool off hot Nordic housing markets • • • 19 Open
Slide 20: 6. Further information
6. Further information Habe foe tly Nordea
Slide 21: Covered bonds – outstanding volumes
Covered bonds – outstanding volumes Q1 2022 Breakdown by ISIN ISIN Currency Amount (NOKm) Maturity Coupon (%) NO0010758931 NOK 2 572 2022-06-15 1,08 NO0010759632 NOK 9 397 2022-06-15 FRN NO0010819717 NOK 18 550 2023-06-21 FRN NO0010843626 NOK 18 900 2024-06-19 FRN NO0010873334 NOK 19 520 2025-03-19
Slide 22: Contacts
Contacts Investor Relations Maria Caneman Debt IR and ratings Mobile: +46 738 66 17 24 Tel: +46 10 156 50 19 maria.caneman@nordea.com Group Treasury Ola Bladholm Morten Keil Chief Treasury Manager Head of Covered Bonds Tel: +46 101 56 1389 Tel: +45 3333 1875 Mobile: +46 702 69 6532 Mobile: +45 6177
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