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: Q1 2024 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 9 4. Covered bond framework 13 5. Macroeconomy 15 6. Further information 20 Nordea
Slide 3: 1. In brief
1. In brief Nordea
Slide 4: Covered bonds
Covered bonds Nordea covered bond operations Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Nordea Mortgage Bank Four aligned covered bond issuers with Am Am complementary roles q 7 q vy Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential Swedish residential Dan
Slide 5: Nordea Eiendomskreditt — overview
Nordea Eiendomskreditt — overview Q1 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 Nordea
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q1 2024 Fcoverpootsummay Loans in cover pool NOK 322.0bn Outstanding covered bonds NOK 221.4bn Cover pool content Mortgage loans secured by Norwegian residential collateral Geographic distribution Throughout Norway with concentration to urban areas Asset distribution 1
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q1 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 Nordea
Slide 10: Loan To Value (LTV)
Continuous distribution where each loan can exist in multiple buckets * Loan To Value (LTV) Q1 2024 Weighted Average LTV — Indexed — 57.3% 322.0 ae 100% Nominal % Residential Loans : 62.1 1017 32% 425 624 533 19% 13% 19% 17% P| Ea oe Em Em 0-40% 40-50% 50-60% 60-70% 70-80% Total 0-40% 40-50% 50-60%
Slide 11: Loan structure
Loan structure Q1 2024 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 22Q4 = 23Q1 Rate type 23Q2 2393 2304 24Q1 = Floating rate mFixed rate 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 224 23Q1 Repayment 23Q2 2303 23Q4 24Q1 = 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 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 instituti
Slide 15: 5. Macroeconomy
5. Macroeconomy Nordea
Slide 16: Nordic economic development
Nordic economic development Recovery continues GDP Unemployment rate 140 Tindex '2007Q1=100 GDP, level Index 2007Q1=100 140 " % Unemployment % " 135 135 10 —Sweden at 130 | =Sweden y, 130 ° 125 f Nene as 125 3 bo popes Vr | 120 ? ns ns 6 6 110 TN 110 s 5 105, — \ 105, a 4 100 | <= Vv 100 3 3 9s AZ o
Slide 17: Nordic economies
Nordic economies Central banks moving closer to cutting policy rates Policy rates 5.0 4s 40 35 3.0 25 20 15 10 os 0.0 -05 “10 7 % Policy rates 0.0 “05 1.0 12° 13° 14°15" «16 17 1B 19 «20 «2 22 23 2a” 25 == Sweden == Norway == Denmark == Euro Area Public balance/debt, % of GDP, 2024E (IMF) 150 ; 2024
Slide 18: Households
Households High savings rates and sluggish consumption Household debt 300 49% of disposable 275 fincome % of disposable] 30° incomel|. 275 Household debt 250 250 225 225 200 200 175 150 125 125 100 100 fe : —Sweden — Norway — Denmark — Finland 50 50 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Slide 19: Housing markets
Housing markets Stabilisation across the Nordic countries Home prices 250 Index, 2007=100 3m moving average 225 200 175 150 125 250 Home prices Index, 2007=100) 225 a 200 175 150 125 100 100 75 75 2008 2010 2022 ©2024 ‘Source: Macrobend and Nordea 2012. 2014-2016» 2018 +=. 2020 Households’ credit gr
Slide 20: 6. Further information
6. Further information Nordea
Slide 21: Nordea Eiendomskreditt — outstanding benchmark covered bonds
Nordea Eiendomskreditt — outstanding benchmark covered bonds Q1 2024 “Green bond Breakdown by ISIN ISIN Currency Amount (EURm) Maturity Coupon NO0010843626 NOK 18,961 19/06/2024 FRN NO0010873334 NOK 40,000 19/03/2025 FRN NO0010893282 NOK 25,000 16/09/2025 FRN NO0010981301 NOK 27,400 18/03/2026 FRN 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