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. About 74% of the pool comprises loans to housing companies, posing a higher risk to the program's creditworthiness than residential mortgages. The program benefits from one unused notch that would protect the covered bond rating if we were to lower the long-term issuer credit rating (ICR) on the issuer. Obligor concentration within the sub portion of housing company loans, with the largest 10 borrowers representing 10.2% of the covered bond's balance (1.8% after considering excess spread). The bond?s soft-bullet repayment profile mitigates liquidity risk. Furthermore, the issuer is committed to maintain an overcollateralization
