Nordea Bank (NDA-SE) Investor presentation summary

Covered bond operations and structure

• Four aligned issuers operate across Norway, Sweden, Denmark, and Finland, each with distinct cover pools and issuance currencies, supporting long-term funding needs.

• Finnish operations are managed by a 100% owned subsidiary, issuing covered bonds under both legacy and new legislation, with a ~30% market share in Finnish mortgages.

• Covered bonds are rated Aaa by Moody’s and benefit from a dedicated liquidity line for robust liquidity management.

Cover pool characteristics

• Cover Pool 1 (legacy): EUR 7.0bn notional, 99.8% residential, 50.1% weighted average LTV, 12.1% overcollateralization.

• Cover Pool 2 (new): EUR 19.9bn notional, 99.5% residential, 56.2% weighted average LTV, 28.2% overcollateralization.

• Both pools are geographically diversified across Finland, with a concentration in urban areas and dynamic pool structures.

• Majority of loans are floating rate and amortizing, with minimal exposure to bullet/interest-only structures.

Asset quality and underwriting

• Weighted average LTVs are 50.1% (Pool 1) and 56.2% (Pool 2), with most loans well below regulatory LTV limits.

• Strict underwriting criteria include stressed repayment capacity, collateral valuation, and credit bureau checks.

• Multi-family loans require strong financials, quality leases, and annual reviews focused on risk factors and repayment capacity.