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. The commercial assets are made up of a relatively high level of agriculture assets in the cover pool compared to other Danish Realkreditobligationer (RO) programs. According to the legislation ROs have no continuous valuations surveillance (unlike Saerligt daekkede obligationer [SDOs]). Aside from the legislative minimum, there is no other commitment regarding the available overcollateralization in the cover pool. The issuer is a core entity to its parent, Nordea Bank Danmark A/S, and we derive the starting point of our analysis
