Issuer Presentation - Nykredit
Issuer Presentation - Nykredit
Issuer Presentation - Nykredit
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Junior Covered Bond funding<br />
� A new concept introduced in Danish<br />
covered bond legislation in 2007<br />
– First domestic issuance in 2008<br />
– <strong>Nykredit</strong> did first international benchmark issuance in<br />
2010 with € 500m deal<br />
– Rated A+ by S&P (on par with senior unsecured debt)<br />
– Outstanding volume approx. EURbn 6.7 (equivalent)<br />
� Purpose to provide additional collateral for<br />
the cover pool<br />
– Mitigate falling property prices leading to breach of<br />
maximum LTV ratios<br />
– Support ratings<br />
� <strong>Nykredit</strong> has built a public market in the<br />
product<br />
– Has issued approx. EURbn 2.7 during 2012<br />
– A split of domestic and international issuances subject<br />
to market conditions<br />
Repayment profile JCB's (EURbn)<br />
1,5<br />
1,0<br />
0,5<br />
0,0<br />
2012 2013 2014 2015 2016 2017 >6 years<br />
29
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