Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Kredit — Debt Investor Presentation (June 2009)
18 slides from Nordea Bank Abp's debt investor presentation, Jun 22, 2009
Slide 1: Nordea Kredit Investor Presentation – 2009 Q1
Nordea Kredit Investor Presentation – 2009 Q1 Published June 22, 2009
Slide 2: Contents
The Investor Presentation has been compiled by Nordea Kredit for information purposes only, and offers facts and figures on Nordea Kredit, and the mortgage collateral supporting outstanding mortgage bonds and covered mortgage bonds. If you have any questions, feel free to contact us: Finn Nicolaisen
Slide 3: Nordea Kredit – in brief I
Nordea Kredit – in brief I (Data as by the end of 2008 Q4 ‐ unless otherwise stated) • Founded in 1993, number of employees 130 • Nordea Kredit issues mortgage bonds and covered mortgage bonds • All bonds issued by Nordea Kredit are rated AAA (S&P) and Aaa (Moody’s) • Profit before tax 2008: 1.2 bn
Slide 4: Nordea Kredit – in brief II
Nordea Kredit – in brief II (Data as by the end of 2008 Q4 ‐ unless otherwise stated) • Late payments by borrowers 0.31% (Residential properties and holiday homes) 3½ month after due date, end of 2009 Q1 • Losses and provisions: 0.007% of outstanding loans • Average LTV 2009 Q1: 61% • Total capital
Slide 5: Nordea Kredit – in brief
Nordea Kredit – in brief 35 << Increase in net lending DKK bn 1400 Profit before tax DKK m (rhs) >> Number of employees (rhs) >> << Market share (per cent of total amount of bonds issued by Danish MCIs) 30 1200 25 1000 20 800 15 600 10 400 5 200 0 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Slide 6: Nordea Kredit – Capital Centres 1 and 2 (CC I and II)
Nordea Kredit – Capital Centres 1 and 2 (CC I and II) Mortgages loan at fair value 2009 Q1: • Nordea Kredit has two capital centres: – CC I: Mortgage Bonds (Realkreditobligationer, “RO”) are issued out of CC I (1993 ‐ ), however only 1 ISIN is presently active. More than 97% of the bonds in CC I are
Slide 7: Match funded setup due to the strict Balance Principle
Match funded setup due to the strict Balance Principle Interest Interest payment payment Borrower Investor Principal Principal payment payment Contribu‐ tion fees Nordea Kredit complies with the strict Balance Principle, and has a completely match funded “Pass Through” setup. Nordea Kredit has no pr
Slide 8: Nordea Kredit – distribution of loans by type
Nordea Kredit – distribution of loans by type Loans to all segments ‐ CC I and II, 2009 Q1: 279.2 bn DKK * DKK 30.6 bn 11.0% DKK 88.8 bn 31.8% DKK 44.0 bn 15.8% DKK 1.8 bn 0.7% DKK 21,6 bn 7.7% Fixed Fixed IO ARM DKK 89.5 bn ARM IO 32.1% Capped DKK 2.8 bn Capped IO cibor/euribor 1.0% The loan portfo
Slide 9: Nordea Kredit – distribution of loans by type
Nordea Kredit – distribution of loans by type Loans to residential properties and holiday homes ‐ CC I and II, 2009 Q1: 201.1 bn DKK * DKK 81.6 bn DKK 13.1 bn 40.6% 6.5% DKK 27.4 bn 13.6% Fixed Fixed IO ARM DKK 74.7 bn ARM IO 37.1% DKK 1.6 bn Capped 0.8% Capped IO DKK 2.5 bn 1.3% For loans to reside
Slide 10: Nordea Kredit – geographical distribution of loans
Nordea Kredit – geographical distribution of loans CC I and CC II 2009 Q1, all segments: outstanding bond volume 279.2 bn DKK Residential properties and holiday homes: outstanding bond volume 201.1 bn DKK 11.9 bn DKK 4.3%* 8.0 bn DKK 4.0%** North Denmark (0.58 m citizens – 10.5%) Region 100.6 bn DKK
Slide 11: Asset quality - loss guarantee by Nordea Bank Danmark
Asset quality ‐ loss guarantee by Nordea Bank Danmark Nordea Bank Danmark takes “first losses” on Nordea Kredit loans according to the table below: Property type Guarantee period * Guarantee level ** Owner occupied housing 5 years 25 per cent Holiday homes 5 years 25 per cent Subsidized property 10
Slide 12: Asset quality - late payments by borrowers
Asset quality ‐ late payments by borrowers ‐ 3½ month after due date (end of 2009 Q1) 0,60 Residential properties and holiday homes Arrears as a percentage of the total amount due 0,50 0.39% 0,40 0.31% per cent 0,30 All Danish MCIs * Nordea Kredit 0,20 0,10 0,00 2002 2003 2004 2005 2006 2007 2008 *)
Slide 13: Losses in per cent of outstanding bonds
Losses in per cent of outstanding bonds 300.000 0,0100% Outstanding bonds mDKK 250.000 Losses % of outstanding bonds Loss for the year in per cent of 0,0075% Outstanding bonds ‐ mDKK outstanding bonds (rhs) 200.000 150.000 0,0050% 100.000 0,0025% 50.000 0 0,0000% 1997 1998 1999 2000 2001 2002 2003 2
Slide 14: LTV, loan-to-value
Nordea Kredit – LTV, loan‐to‐value 14
Slide 15: LTV, loan-to-value 2009 Q1 (2008 Q4)
Nordea Kredit – LTV, loan‐to‐value 2009 Q1 (2008 Q4) For detailed information on LTV – please refer to LTV Report 2009 Q1 15
Slide 16: Legislation
Legislation • Danish mortgage financing is highly regulated and closely supervised by the Danish FSA (Finanstilsynet, DFSA) • Some legislation can be found in English at the DFSA’s English website: http://www.dfsa.dk/sw7804.asp • All relevant legislation can be found in Danish at the DFSA’s Danish w
Slide 17: Macro economics - house prices and foreclosures
Macro economics ‐ house prices and foreclosures 25.000 23.000 For a number of years house prices increased 21.000 ‐ but by mid 2006 prices peaked. DKK per sqm 19.000 17.000 Since January 1993 the number of foreclosures 15.000 has fallen from more than 1,400 to a low of only 13.000 11.000 Detached ho
Slide 18: Disclaimer
Disclaimer: The information provided herein is intended for background information only and for the sole use of the intended recipient. The information provided herein is not intended to constitute and does not constitute investment advice nor is the information intended as an offer or solicitation
Nordea Kredit — Debt Investor Presentation (June 2009) on 6ix