Transaction Update: Nordea Kredit Realkredit A/S (Capital Center 2 Mortgage Covered Bonds)

High rating reference level (RRL), allowing for a 'AAA' rating to be reached with the jurisdictional support and the coverage of 'AAA' credit risk. The match-funded structure mitigates asset-liability mismatch (ALMM) risk in this program. High-seasoned residential and commercial loans with stable loan-to-value (LTV) ratios. Relatively high percentage of agricultural assets, which we generally consider to have higher credit risk compared to residential assets. Aside from the legislative minimum, there is no other commitment regarding the available overcollateralization in the cover pool. S&P Global Ratings' stable outlook on the ratings on Nordea Kredit Realkredit A/S Capital Center 2's mortgage covered bonds reflects that we would not automatically lower the ratings on the covered bonds if we were to lower the

...+ High rating reference level (RRL), allowing for a '###' rating to be reached with the jurisdictional support and the coverage of '###' credit risk. + The match-funded structure mitigates asset-liability mismatch (ALMM) risk in this program. + High-seasoned residential and commercial loans with stable loan-to-value (LTV) ratios....

Transaction Update Report