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: Nordea Q3 2022 Debt investor presentation
Nordea Q3 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. Macroeconomy 16 6. Further information 20 Nordea
Slide 3: 1. In brief
1. In brief Nordea
Slide 4: Nordea mortgage banks
Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Nordea Mortgage Bank • • • Open
Slide 5: Nordea Eiendomskreditt — overview
Nordea Eiendomskreditt — overview * A100% 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 Nordea Eien
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics Nordea
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q3 2022 | Cover pool summary Pool notional NOK 226.1bn Outstanding Covered Bonds NOK 124.8bn 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) Q3 2022 Cover pool balance by loan category = Summer houses 3% = Tenant owner units 28% = Single family houses 69% Cover pool balance by region West 20% ™ South 6% @ North5% m East 62% = Mid 9% Nordea Open
Slide 9: 3. Asset quality
3. Asset quality Nordea
Slide 10: LTV buckets
LTV buckets Nominal (NOKm) % Residential Loans >0 - <=40 % 65.0 46% >40 - <=50 % 44.1 17% >50 - <=60 % 51.9 17% >60 - <=70 % 44.5 14% >70 - <=80 % 20.5 6% Total 226.1 100% 10 Open
Slide 11: Cover pool rate type and amortisation development
100% 100% 90% 90% 80% 80% 70% 70% 62% 63% 62% 62% 63% 63% 60% 60% 50% 98% 98% 98% 98% 98% 97% 50% 40% 40% 30% 30% 20% 20% 38% 37% 38% 38% 37% 37% 10% 10% 2% 2% 2% 2% 2% 3% 0% 0% 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 11 Open
Slide 12: Underwriting criteria
Underwriting criteria Regulation * Mortgages are regulated in "Boliglansforskriften" 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 + Repayment
Slide 13: 4. Covered bond framework
4. Covered bond framework Nordea
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 institut
Slide 15: 5. Macroeconomy
5. Macroeconomy Nordea
Slide 16: Nordic economic development
Nordic economic development Nordic outlook dampened by higher inflation and interest rates 135 130 125 120 1s 110 105 100 95 90 GDP development Unemployment rate Index 2007Q1=100 GDP, level Index 2007Q1=100] 1° Mee ‘Unempteyment * =} 130 Ad —sweden a ° > Denar a on ae > | s Finland 7 A AN Ll, Las ——
Slide 17: Nordic economies
Nordic economies Interest rates are increasing rapidly throughout the Nordics Policy rates Public balance/debt, % of GDP, 2022E (IMF) 40 40 % % 78 78 _ Policy rates % 35 -~ Norway 2022E 3.0 30 a 5.0 5.0 & Denmark 25 —— 25 Oo 25 25 T= S| S J tretana Netherlands 20 ' 20 «8 . ® 00 q ae 0.0 15 15 2 Port
Slide 18: Households
Households Households facing high inflation and rising interest rates Household debt 300 42% of disposable Household debt % of disposable] 20° 275 income income|. 275 250 250 225 225 200 200 175 7s 150 150 125 125 100 100 75 7s 2 — Finland — Denmark — Norway — Sweden 2 0203 04°05°06 07°08 09°10°11 1
Slide 19: Housing markets
Housing markets Rising interest rates are cooling off hot Nordic housing markets Housing prices 250 250 Index, 2007=100 Housing prices Index, 2007=100 |3m moving average 225 200 175 150 a ” 100 75 12°13 141516 17°18 19 20. 21 22 ‘Source: Macrobend and Nordea 15.0 125 10.0 75 5.0 25 Households’ credi
Slide 20: 6. Further information
6. Further information Nordea
Slide 21: Outstanding covered bonds by ISIN
ISIN Currency Amount (NOKm) Maturity Coupon (%) NO0010819717 NOK 14 904 2023-06-21 FRN NO0010843626 NOK 28 900 2024-06-19 FRN NO0010873334 NOK 20 000 2025-03-19 FRN NO0010593064 NOK 550 2025-06-18 4,8 NO0010893282 NOK 16 450 2025-09-16 FRN NO0010981301 NOK 11 950 2026-03-18 FRN NO0010852650 NOK 6 00
Slide 22: Investor Relations and Group Treasury
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 3100 ola.
Nordea Eiendomskreditt — Debt Investor Presentation (2022) on 6ix