Debt

Nykredit is the world’s largest issuer of covered bonds backed by mortgages. Covered bonds are issued at a wide variety of maturities and under different structures. The majority of the bonds are issued in DKK, but Nykredit is also a regular issuer of covered bonds denominated in EUR and SEK.

Issuance

The vast majority of Nykredit’s covered bond are issued by way of daily tap issuance into the Danish domestic market. By virtue of the match funding of the mortgage lending, Nykredit is active in the market every day for the purpose of issuing new bonds to fund new lending or refinance maturing bond and to buy back bonds in order to facilitate extraordinary loan redemptions.

The Danish mortgage model

Nykredit uses the traditional Danish mortgage finance model for specialised mortgage banks. The model is based on match funding with a one-to-one cash flow relation between the payments of interest and principal from the customer and the interest and principal payment to the investors owning the bonds that finance the loans.

ECBC Cover Pool data

Nykredit is the world’s largest mortgage covered bond issuer. Covered bonds are issued out of different cover pools, know as capital centeres. The majority of new issuances is conducted though capital centers E and H respectively. In addition issuances also takes place out of capital centeres D, I and G.

Funding programs

Nykredit issues all of its covered bonds under the same base prospectus, while most other debt is issued under the EMTN-programme. However some older debt and capital instruments are issued under separate documentation. On this page you can find documentation for bonds issued by Nykredit Group.

Active prospectuses

Historical prospectuses

Final terms

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Nykredit bond information

In order to maintain a high level of transparency in the Danish mortgage bond market, Nykredit publish a number of data for bond investors. The purpose is to support effective pricing of callable covered bonds by providing data that can be used to model debtor’s prepayment behavior.

Nykredit ISINs

Nykredit ISINs spreadsheet includes; currency, coupon, maturity, capital centre, rating, outstanding volume and Risk weight standard on all listed issuance from Nykredit Realkredit A/S.

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Bond Data

Download information on Nykredit covered bond series including debtor distribution, prepayments, notice of drawing, cash flows and general information.

Bond Data Technical Standards

Read more about the technical standards and data types provided in Bond Data spread sheets.

Rating

Nykredit funds most of its lending via the capital markets and access to these markets are therefor important for the Goup’s ability to extend new loans and roll over funding.

Nykredit’s covered bonds are rated by S&P Global Ratings. The covered bonds rated by S&P have been assigned a AAA rating.

Both S&P Global Ratings and Fitch have assigned short and long term ratings to companies within Nykredit Group.

Refinancing auctions

Nykredit is conducting refinancing auctions from February 5th to February 9th 2018. The total bond offering comprises DKK 35,7bn in DKK-denominated and approx. DKK 600m in EUR-denominated bullet covered bonds. In the auction period, the below Excel document will be updated dayily with auction results.

Latest auction results

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Auction Terms

See document

Historical auctions

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Senior Resolution Notes

Nykredit was the first bank in Europe to issue contractual non-preferred senior debt. We call this type of debt Senior Resolution Notes (SRN). The first two benchmark issues were issued in the summer of 2016 where the second transaction reopened the market for EUR senior debt after the Brexit vote. Nykredit’s first SRN transaction received the “Eurodeal of the year 2016”-award from IFR Magazine.