Overview Key strengths Key risks The cover pool comprises well-seasoned Finnish mortgage loans with lower current loan-to-value (LTV) ratios than other specialized mortgage lenders in the Nordics. Interest rate mismatches arise predominantly from floating-rate cover pool assets and fixed-rate covered bonds (60% of the program), which lack an interest-rate hedge within the cover pool. The program benefits from one unused notch of collateral-based uplift that would protect the covered bond ratings if we were to lower the long-term issuer credit rating (ICR) on the issuer. About 92% of the pool comprises loans to housing companies, which we view as a higher risk to the program's creditworthiness than residential mortgages. The bonds’ soft-bullet repayment profile mitigates liquidity risk. The issuer is
