Nordea Bank (NDA-SE) Investor presentation summary

Covered bond operations and structure

• Four aligned issuers operate under Nordea, each focused on different Nordic markets and mortgage types, with covered bonds integral to long-term funding and issuance in multiple currencies.

• Nordea Mortgage Bank is a 100% owned subsidiary, issuing covered bonds under both legacy and new Finnish legislation, with a ~30% market share in Finnish mortgages.

• Covered bonds are rated Aaa by Moody's, and all entities refer to the updated 2025 Nordea green funding framework.

Cover pool characteristics

• Cover Pool 1: EUR 5.3bn notional, 99.8% residential, 50.0% indexed LTV, 14.4% overcollateralization, 97.5% amortizing loans.

• Cover Pool 2: EUR 21.4bn notional, 99.6% residential, 57.0% indexed LTV, 18.8% overcollateralization, 97.8% amortizing loans.

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

• Loans are primarily floating rate, with minimal fixed rate exposure.

Asset quality and underwriting

• Weighted average LTV is 50.0% for Pool 1 and 57.0% for Pool 2, with strict underwriting based on repayment capacity and collateral.

• Credit bureau checks and individual property valuations are standard; repayment schedules range from 20 to 30 years.

• Multi-family loans require strong financials and annual reviews focused on cash flow and property quality.