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Fixed Income Research
Covered Bond Special 21 September 2016
Repayment structures on the covered bond market
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 2 of 40
Contents Page
Repayment structures on the covered bond market 3
vdp proposes an amendment to the German Pfandbrief Act (PfandBG) 6
Distribution of repayment structures 9
Classification of covered bonds presented in the iBoxx EUR Covered 15
Contacts 37
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 3 of 40
Overview Repayment structures on the covered bond market
Analyst:
Kai Ebeling, CIIA
Issuers have various
options to choose from
The different options for structuring repayment of a covered bond have preoc-
cupied issuers as well as investors for some time. While hard bullet structures
were usually used in the past, soft bullet structures are becoming increasingly
important. Since the issue of NIBCAP 1 3/4 10/08/18 by the Dutch bank NIBC
in 2013, conditional pass-through structures (CPT structures) have also occa-
sionally appeared on the market among mortgage-backed covered bond pro-
grammes. In this special report, we would like to show how the respective
structures differ from each other and how widespread the individual repayment
models are in the individual covered bond markets with the aim of providing an
overview of the predominant structures of the issuers represented in the iBoxx
EUR Covered.
Scenario I – repayment without a trigger event occurring
Source: NORD/LB Fixed Income Research
How hard bullet structures
work
Until a few years ago, it was common market practice to use hard bullet struc-
tures for arranging the repayment terms of a covered bond or, more precisely,
the potential extension option of a bond on the occurrence of trigger events
(for example, if the issuer were to have difficulty meeting its payments). In the
event that the respective covered bond issuer is not able to meet all outstand-
ing payment obligations, this means investors have a “claim” to the cover pool
of the respective covered bond programme through the dual recourse mecha-
nism via the trustee or administrator, irrespective of the chosen repayment
structure. If the bond falls due for repayment and available funds are insuffi-
cient to meet these obligations with no other options available for generating
liquidity, the collateral in the pool will be sold off if a hard bullet structure is in
place. As a result, investors can expect prompt repayment, but this is coupled
with the risk that any potential market turbulence may decrease the market
value of the underlying assets, which could in extreme circumstances mean
that the sale proceeds do not cover the full repayment amount.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
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Characteristics of soft
bullet structure
To counter this risk, issuers are increasingly using soft bullet and, less
commonly, CPT structures. Provided that repayment is completed as planned,
there is no difference for investors. As yet, there is not one standard trigger
event on the market that activates the extension option, with various
possibilities for a postponement of the originally planned repayment date
under a soft bullet structure. Examples of models within the soft bullet struc-
ture include (i) insolvency of an issuer with repayment deferred to a later date
by an independent trustee or (ii) the issuer changing the original repayment
date. With regard to the possible extension period, the soft bullet structure
provides for an extension option of 12 months (except for VakifBank; 18
month). The exception to this rule are Spanish multi-cédulas, where the period
amounts to two to three years. They are not taken into account in the following
assessment. There is also no consistency with regard to interest payment
during the extension option, with the majority of outstanding soft bullet struc-
tures switching to a variable rate of interest on commencement of the exten-
sion period, which is generally based on the 1 month Euribor rate plus premi-
um or discount.
Scenario II – repayment after occurrence of a trigger event
Source: NORD/LB Fixed Income Research
Conditional pass-through The original repayment date can be deferred for a significantly longer period of
time for covered bonds that have been placed with a CPT structure. At the
same time, this reduces the refinancing risk to a minimum. In contrast to the
soft bullet structure, when the CPT structure is triggered (as is the case for
soft bullet structures, there is no consistent trigger event), outstanding covered
bonds are repaid on the basis of the inflows that are generated by the
respective cover assets and through the sale of cover assets, provided that
these can attract adequate prices on the market. In contrast to the soft bullet
structure, it is therefore difficult to predict when exactly investors can expect
repayment of outstanding amounts, with the worst case scenario being on
maturity of the cover assets that have the longest term.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
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Liquidity buffers aim to
reduce the market value
risk under a hard bullet
structure
It has become apparent that the refinancing risk (in the event of prior issuer
insolvency) can be significantly reduced by applying a soft bullet or CPT
structure rather than a hard bullet structure, but that investment in a covered
bond of this kind first necessitates careful scrutiny of the corresponding bond
conditions as there is no consistent market standard with regard to trigger
events or interest payments in any potential subsequent extension periods. In
relation to the refinancing risk associated with hard bullet structures following
issuer insolvency, it should also be noted that the respective issuer is (in part)
legally obligated to reduce this risk by maintaining a liquidity buffer. For exam-
ple, issuers of German Pfandbriefe must cover all maturities for the next 180
days.
Rating agencies take
positive view of switch to
soft bullet or CPT
From the issuers’ perspective, the trend of converting from hard bullet to soft
bullet or CPT structures is therefore also associated with lower liquidity
provision and consequently represents a cost saving. In addition, the rating
agencies take a positive view of soft bullet structures and, to an even greater
degree, CPT structures in their rating assessments on account of the reduced
refinancing risk. For issuers, the switch to a soft bullet structure initially only
entails positive effects. In the following, we will explore the extent to which
investors expect to be compensated for this conversion through higher
spreads or returns.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
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Excursus vdp proposes an amendment to the German Pfandbrief Act (PfandBG)
Analyst:
Kai Ebeling, CIIA
Implementation of the
option of extending
maturity
The Association of German Pfandbrief Banks (vdp) announced in its quarterly
newsletter for Q2 2016 that it had proposed the implementation of the option
of postponing maturity in the German Pfandbrief Act (PfandBG) to the Federal
Ministry of Finance at the end of last October. Through the proposed
amendment, the vdp aims to prevent insolvency proceedings also being
initiated against the associated cover pool (Pfandbrief bank with limited
liability) in accordance with Section 30 (6) Clause 2 of the PfandBG following
the insolvency of the respective Pfandbrief bank.
The trustee’s options for
action
On the basis of the current version, the PfandBG offers the trustee, who is to
be appointed in addition to the insolvency administrator following initiation of
insolvency proceedings, various options for servicing the outstanding
Pfandbrief issues on time. Among others, these include use of the 180-day
liquidity buffer, the raising of covered loans with other financial institutions or
the central bank, the issue of short-dated Pfandbriefe and the sale of
individual assets or entire portfolios up to the transfer of the entire cover pool
to another Pfandbrief bank. In the opinion of the vdp, the success of the
respective measure not only depends on the available cover assets and the
respective Pfandbriefe but, in particular, on the current market situation and
the state of the interbank market. If the latter is extremely fraught because of a
negative event – such as the insolvency of the U.S. investment bank Lehman
Brothers in 2008 – as a result of which neither refinancing via Pfandbriefe nor
the sale of individual assets is an option, the vdp believes it makes sense to
grant the trustee the option of extending the maturity of maturing Pfandbrief
issues by a maximum of 12 months instead of initiating secondary insolvency
proceedings against the Pfandbrief bank with limited liability, since the market
situation could have stabilised once more in this period. However, this
extension in the term would only be considered, if the trustee is convinced at
the time maturity is deferred that the liabilities can be serviced in full at the
extended repayment date.
Differentiation from existing
soft bullet structures
In comparison with the now more widespread soft bullet structures, a
distinction must be made in the vdp’s proposals. The current existing soft
bullet structures are solely contractual agreements whereby the maturity will
usually be extended by a trigger event and is not a possible option for the
trustee. In contrast, the only statutory options for extending maturities are
currently to be found in the Polish Covered Bond Act. The vdp also believes
that the motivation is different. While the introduction of soft bullet structures
were driven more by rating or regulatory considerations (rating agencies’
requirements regarding overcollateralisation/liquidity buffer vs limiting asset
encumbrance) in the past, the vdp’s aim is to avoid separate insolvency
proceedings against the cover pool because of a lack of short-term liquidity
caused by an extreme market situation.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
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Scope of the proposed
amendment
With regard to the scope of the proposed amendment, the vdp believes that
the trustee should be given the option to extend the maturity of all issues,
meaning both Pfandbriefe issued in future and those currently in circulation.
There are primarily two reasons for this: first, this is the only way in which the
additional option of extending maturity could be fully effective, since otherwise
a certain proportion of existing maturities would have to be serviced
immediately, second, this would also avoid any fragmentation of the
Pfandbrief market. According to a legal opinion obtained by the vdp, this ap-
proach would be constitutional.
Additional features of the
proposed amendment
Apart from the details already cited, additional parameters must be observed.
Maturities may be extended by a maximum period of up to 12 months, i.e. if
the market were to return to normality early, premature repayment should also
be possible to avoid the liquidity created having to be invested at a low or
negative interest rate until the extension period expires. To prevent a default
under the rating agencies’ rating approaches, the extension in maturity only
relates to the outstanding amount excluding interest payments. The vdp
suggests a variable interest rate for the extension period. To maintain con-
sistency and to avoid individual contractual arrangements, the vdp argues in
favour of enshrining a generally applicable wording in the PfandBG, which
could refer, for example, to a reference interest rate accepted in the credit
sector for the payment period of one month, increased by 50bp.
Comments from the rating
agencies
Moody’s, Fitch and S&P have published assessments of the
present proposed amendment by the vdp. Accordingly, the three rating
agencies view the implementation of the option to extend maturities as a
further enhancement of the PfandBG, although the proposed amendment is
unlikely to have any direct impact on the agencies’ rating assessment. In its
Sector Comment, Moody’s highlights the reduction in the likelihood of a
liquidity gap occurring following the transfer of outstanding payments from the
issuer to the cover pool. However, the proposed amendment would have no
direct impact on the rating of German Pfandbriefe, as Moody’s already views
the PfandBG very highly. Fitch also shares this assessment, although the
agency will not change its assumptions for discontinuity risk either, as
Pfandbriefe already enjoy the highest rating in this regard (for non-CPT
programmes). However, Fitch is of the view that the vdp’s proposal could lead
to a lower breakeven overcollateralisation level, from which mainly
programmes with more significant maturity mismatches would benefit. Under
the planned revised rating methodology, German mortgage Pfandbriefe would
be rated with a payment continuity uplift of up to four notches and public
sector Pfandbriefe of up to five notches. Finally, S&P also assumes that the
proposed amendment of the PfandBG would not amend their rating
assessment for Pfandbriefe.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 8 of 40
Conclusion According to our assessment, the implementation of the option for extending
the maturity of outstanding Pfandbrief issues by the trustee for a maximum of
up to 12 months would also be a further positive development for the
PfandBG. We consider it a particularly noteworthy fact that the proposal is
only an additional possible option for action by the trustee, which would only
be considered if the market was severely disrupted and the trustee can
assume with a high degree of probability that the market will stabilise once
more within the extension period. For creditors of outstanding Pfandbrief
issues, this has the advantage that a forced liquidation of the cover pool will in
all probability be avoided. If the proposal should be implemented, we believe
that the vdp recommendation that all Pfandbrief issues, including the
Pfandbriefe in circulation, should be covered by the – revised – legal basis.
One of the reasons why investors value German Pfandbriefe is that the market
is highly transparent, meaning in this case that the contractual structure of the
programmes can be compared relatively easily. In contrast to other
jurisdictions in which there are not only different repayment structures, both
hard and soft bullet structures and, in some cases, CPT structures, even these
are not uniformly regulated so – as mentioned previously – the individual soft
bullet structures therefore have to be compared both with
respect to the defined trigger events and the interest structure for the potential
extension period, for example.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 9 of 40
Market analysis Distribution of repayment structures
Analyst:
Kai Ebeling, CIIA
Hard bullets remain the
most prevalent …
This analysis of repayment structures on the covered bond market is based on
the benchmarks that are included in the iBoxx EUR Covered. In terms of
repayment structure, it is evident that the majority of outstanding bonds still
feature a hard bullet structure (405 bonds; EUR 398.3bn). However, at 298
covered bonds, a considerable number have a soft bullet structure
(EUR 312.3bn). Bonds with a CPT structure continue to represent a stark
minority (14 issues; EUR 11.0bn).
Repayment structures in the iBoxx EUR Covered Repayment structures by jurisdiction
55.2%
43.3%
1.5%
Hard Bullet Soft Bullet CPT
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FR AT AU BE CA CH DE DK ES FI GB IE IT LU NL NO NZ PT SE SG TR
Hard Bullet Soft Bullet CPT
Source: Bloomberg, NORD/LB Fixed Income Research Source: Bloomberg, NORD/LB Fixed Income Research
… but the number of
jurisdictions with soft bullet
exceeds those with hard
bullet structures
A breakdown of covered bonds according to jurisdiction reveals two points:
hard bullet structures are only still used in 12 countries, with 17 of the 21
jurisdictions now having soft bullet structures. To date, CPT structures have
only been implemented by issuers in Italy and the Netherlands. Alongside
Germany, jurisdictions that exclusively issue covered bonds with hard bullet
structures include Austria, Spain (with the exception of multi-cédulas, which
feature soft bullet structures) and Luxembourg (NORD/LB Luxembourg
Covered Bond Bank). Conversely, Belgium, Canada, Ireland, Norway,
Portugal, Singapore and Turkey only apply soft bullet structures (in both
Singapore and Turkey, only one issuer is active with benchmarks). More than
one kind of repayment model is used in ten jurisdictions (FR, AU, CH, DK, FI,
UK, IT, NL, NZ and SE).
Repayment structures in
France
For these jurisdictions, we have allocated the individual issuers’ bonds to the
various extension options to show which uses a corresponding repayment
structure. In France, 14 of the total of 20 issuers can be clearly allocated into
soft or hard bullet structures. BNP Paribas Home Loan SFH, BPCE SFH,
Credit Mutuel – CIC Home Loan SFH, HSBC SFH, La Banque Postal Home
Loan SHF as well as Société Génèrale SFH have covered bonds with both
soft and hard bullet structures outstanding. CFF is also able
to issue covered bonds with a soft bullet structure in future.
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NORD/LB Fixed Income Research
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Repayment structures of French issuers
Hard Bullet Soft Bullet
ARKEA HL x ARKEA PUBLIC x AXA BANK EUROPE x BANQUE POPUL CB x BNP PARIBAS HOME x x BNP PARIBAS SCF x BPCE SFH x x CAISSE FR DE FIN x CIE FIN FONCIER x CIF EUROMORTGAGE x CRED AG COV BOND x CRED MUT ARK HL x CRED MUTUEL- CIC x x CREDIT AG HOME L x CREDIT AGRICOLE x CSSE REFIN L'HAB x HSBC SFH x x LA BANQUE POST H x x SOC GENERALE SCF x SOCIETE GENERALE x x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
Australia
In Australia, the five benchmark issuers use soft bullet structures (almost)
exclusively for their covered bond issues. Only the Australia and New Zealand
Banking Group has an outstanding issue with a hard bullet structure dating
from 2012 (ANZ: XS0731129234). NAB got its investors approval for the con-
version of the hard bullet structure to a soft bullet (NAB 1 ⅞ 01/13/23) this
month.
Repayment structures of Australian issuers
Hard Bullet Soft Bullet
AUST & NZ BANK x COM BK AUSTRALIA x MACQUARIE BK LTD x NATL AUSTRALIABK x x WESTPAC BANKING x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
Switzerland
In Switzerland, Credit Suisse and UBS issue benchmarks. In 2014, Credit
Suisse was the first covered bond issuer to transfer its outstanding covered
bonds with a hard bullet structure to a soft bullet structure with the consent of
investors, meaning that the bank only uses this extension option for its issues.
In the case of UBS, so far only UBS 1 3/8 04/16/21 has a soft bullet structure.
Repayment structures of Swiss issuers
Hard Bullet Soft Bullet
CREDIT SUIS GUER x UBS AG LONDON x x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
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Repayment structures in
Denmark
Since March this year, two issuers from Denmark have been represented in
the iBoxx EUR Covered. While the newly added BRFkredit uses hard bullet
structures for its two benchmark issues, the covered bonds of Danske Bank
have a soft bullet structure.
Repayment structures of Danish issuers
Hard Bullet Soft Bullet
BRFKREDIT A/S x DANSKE BANK A/S x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
Finland
In Finland too, it is relatively easy to distinguish between the repayment
structures used at issuer level. With the exception of Nordea Bank Finland, all
other benchmark issuers use soft bullet structures for their issues.
Repayment structures of Finnish issuers
Hard Bullet Soft Bullet
AKTIA BANK PLC x DANSKE BANK OYJ x NORDEA BANK FIN x OP MORTGAGE BANK x SAMPO BANK PLC x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
the UK
In the UK, investors find that virtually all covered bonds have a soft bullet
structure. There are only two bonds with a hard bullet structure still outstand-
ing, both of which were issued by the Bank of Scotland (XS0193640629;
XS0212074388).
Repayment structures of UK issuers
Hard Bullet Soft Bullet
BANK OF SCOTLAND x x BARCLAYS BK PLC x COVENTRY BDG SOC x LEEDS BLDG SOC x LLOYDS BANK PLC x NATIONWIDE BLDG x ROYAL BK SCOTLND x SANTANDER UK PLC x YORKSHRE BLD SOC x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
Italy
Italy is one of two jurisdictions in which covered bonds are also issued with a
CPT structure. However, to date, these have only been issued by Monte dei
Paschi di Siena (exclusively) and by UniCredit, which uses CPT structures in a
separate programme. Currently only one ISIN with a CPT structure issued by
UniCredit Bank is represented in the iBoxx (IT0005090813). However, the
issuer placed another benchmark (IT0005212987) at the end of August, which
will also be included in the iBoxx in future and has a CPT structure.
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 12 of 40
Repayment structures of Italian issuers
CPT Soft Bullet
BANCA POP EMILIA x BANCA POP MILANO x BANCA POP SONDRI x BANCO POPOLARE x CASS RISP PARMA x CREDITO EMILIANO x INTESA SANPAOLO x MEDIOBANCA SPA x MONTE DEI PASCHI x UNICREDIT SPA x x UNIONE DI BANCHE x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
the Netherlands
In addition to Italy, some Dutch issuers also use CPT structures for their
covered bond programmes. Following the introduction of this repayment
structure by NIBC Bank in 2014, F van Lanschot Bankiers and Aegon Bank
floated their inaugural issues a year later. However, soft bullet structures are
used by ABN Amro, ING Bank and SNS Bank.
Repayment structures of Dutch issuers
CPT Soft Bullet
ABN AMRO BANK NV x AEGON BANK x F VAN LANSCHOT x ING BANK NV x NIBC BANK NV x SNS BANK x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
New Zealand
In New Zealand, the benchmark issuers represented almost exclusively use
soft bullet structures. Only the Bank of New Zealand’s BZLNZ 3 1/8 11/23/17
still has a hard bullet structure.
Repayment structures of New Zealand issuers
Hard Bullet Soft Bullet
ANZ NZ INTL/LDN x ASB FINANCE LTD x BNZ INTL FUND/LN x x WESTPAC SEC NZ x
Source: Issuers, Bloomberg, NORD/LB Fixed Income Research
Repayment structures in
Sweden
The overwhelming majority of Swedish issuers’ outstanding bonds were
placed with a hard bullet structure. However, covered bonds with a 12-month
extension option are also to be found in this jurisdiction. These include all the
issues by the Swedish Covered Bond Corporation represented in the iBoxx
EUR Covered and two by Stadshypothek (XS1368543135, XS1435031270).
Covered Bond Special 21 September 2016
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Page 13 of 40
Repayment structures of Swedish issuers
Hard Bullet Soft Bullet
LANSFORSAKRINGAR x SKANDINAV ENSKIL x STADSHYPOTEK AB x x SWEDBANK HYPOTEK x SWEDISH COVERED x
Source: Emittenten, Bloomberg, NORD/LB Fixed Income Research
Comparison – spreads of
hard and soft bullet bonds
The extent to which investors take into account the option to potentially
extend the term in their investment decision can be inferred by comparing the
spreads of covered bonds with hard bullet to those with soft bullet as well as
soft bullet against CPT. The benchmarks of Société Génèrale SFH in the
iBoxx EUR Covered lend themselves to a spread comparison of hard and soft
bullet bonds. The graph below shows that there is no significant difference in
spreads between the issuer’s different repayment structures, which means
that investors are seemingly not demanding a premium for a soft bullet
structure.
Spread comparison hard vs soft bullet structures Spread comparison soft bullet vs CPT structures
-18
-17
-16
-15
-14
-13
-12
0 2 4 6 8 10
AS
W i
n b
p
maturity
SOCSFH_Hard Bullet SOCSFH_Soft Bullet SOCSFH_Hard Bullet
-10
-5
0
5
10
15
20
25
30
0 2 4 6 8 10
AS
W i
n b
p
maturity
UCGIM_Soft Bullet UCGIM_CPT UCGIM
Source: Bloomberg, NORD/LB Fixed Income Research Source: Bloomberg, NORD/LB Fixed Income Research
Comparison – spreads of
soft bullet and CPT bonds
For the comparison of soft bullet and CPT structures, the benchmarks of the
Italian UniCredit bank will be contrasted. The graph above indicates that in-
vestors are also not demanding any notable premium for the option to extend
maturities by more than 30 years. However, as CPT bonds are at the long
end of the curve, they are not comparable with any of the UniCredit’s bonds
with soft bullet structures. This means that it is also impossible to make a val-
id judgement as to the extent to which investors demand a premium for cov-
ered bonds with a CPT structure.
Covered Bond Special 21 September 2016
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Page 14 of 40
Conclusion In conclusion, it is clear that extendible repayment structures are continuing to
gain ground. Although hard bullet structures currently still account for a great-
er number and larger volume on the covered bond market, the number of ju-
risdictions that use soft bullet structures now exceeds that for hard bullet
structures. For the market as a whole, CPT structures are still a rarity, alt-
hough half of all benchmark issuers in the Netherlands already use CPT
structures. While for issuers the conversion to an extendible repayment struc-
ture can both improve the rating and reduce costs on account of lower liquidi-
ty provision, the increasing heterogeneity means that potential investors will
have to more carefully assess the bond conditions in each case. Although no
significant spread premiums were apparent in a comparison of hard bullet and
soft bullet structures, the low number of CPT structures means it is not possi-
ble to draw any reliable conclusions.
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Page 15 of 40
Classification of covered bonds presented in the iBoxx EUR Covered Analysts: Matthias Melms / Kai Ebeling
Australia ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
AUST & NZ BANK XS0731129234 Mortgages Hard Bullet - -
AUST & NZ BANK XS0928456218 Mortgages Soft Bullet 12M 1M-Euribor + 17 bp
AUST & NZ BANK XS0968449057 Mortgages Soft Bullet 12M 1M-Euribor + 17 bp
AUST & NZ BANK XS1014018045 Mortgages Soft Bullet 12M 1M-Euribor + 36 bp
AUST & NZ BANK XS1139088071 Mortgages Soft Bullet 12M 1M-Euribor + 1 bp
COM BK AUSTRALIA XS0775914277 Mortgages Soft Bullet 12M 1M-Euribor + 89 bp
COM BK AUSTRALIA XS1015892182 Mortgages Soft Bullet 12M 1M-Euribor + 18 bp
COM BK AUSTRALIA XS1129875255 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
COM BK AUSTRALIA XS1357027496 Mortgages Soft Bullet 12M 1M-Euribor + 58 bp
COM BK AUSTRALIA XS1357027652 Mortgages Soft Bullet 12M 1M-Euribor + 69 bp
COM BK AUSTRALIA XS1458458665 Mortgages Soft Bullet 12M 1M-Euribor + 46 bp
MACQUARIE BK LTD XS1371532547 Mortgages Soft Bullet 12M 1M-Euribor + 40 bp
NATL AUSTRALIABK XS0864360358 Mortgages Soft Bullet 12M n/a
NATL AUSTRALIABK XS0940332504 Mortgages Soft Bullet 12M 1M-Euribor + 52 bp
NATL AUSTRALIABK XS1072516427 Mortgages Soft Bullet 12M 1M-Euribor + 53,5 bp
NATL AUSTRALIABK XS1191309720 Mortgages Soft Bullet 12M 1M-Euribor + 29 bp
NATL AUSTRALIABK XS1321466911 Mortgages Soft Bullet 12M 1 M-Euribor + 52 bp
WESTPAC BANKING XS0801654558 Mortgages Soft Bullet 12M n/a
WESTPAC BANKING XS0918557124 Mortgages Soft Bullet 12M 1M-Euribor + 44 bp
WESTPAC BANKING XS1047122665 Mortgages Soft Bullet 12M 1M-Euribor + 54,5 bp
WESTPAC BANKING XS1167295804 Mortgages Soft Bullet 12M 1M-Euribor + 40 bp
WESTPAC BANKING XS1263878818 Mortgages Soft Bullet 12M 1M-Euribor + 37 bp
Austria ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BAWAG PSK XS0830444039 Mortgages Hard Bullet - -
BAWAG PSK XS1298418184 Mortgages Hard Bullet - -
BAWAG PSK XS1369268534 Mortgages Hard Bullet - -
ERSTE GROUP XS0580561545 Mortgages Hard Bullet - -
ERSTE GROUP XS0673643093 Public Loans Hard Bullet - -
ERSTE GROUP XS0743547183 Mortgages Hard Bullet - -
ERSTE GROUP XS1181448561 Mortgages Hard Bullet - -
ERSTE GROUP XS1288539874 Mortgages Hard Bullet - -
ERSTE GROUP XS1346557637 Mortgages Hard Bullet - -
HYPO NOE GRUPPE XS0780267406 Public Loans Hard Bullet - -
HYPO NOE GRUPPE XS0829215838 Public Loans Hard Bullet - -
HYPO NOE GRUPPE XS0981808933 Public Loans Hard Bullet - -
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Austria ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
HYPO NOE GRUPPE XS1112184715 Mortgages Hard Bullet - -
HYPO TIROL BANK AT0000A1JY21 Mortgages Hard Bullet - -
KA FINANZ XS0973424152 Public Loans Hard Bullet - -
KA FINANZ XS1033673440 Public Loans Hard Bullet - -
RAIFF LB NIEDER XS0827597351 Mortgages Hard Bullet - -
RAIFF LB NIEDER XS0975766295 Mortgages Hard Bullet - -
RAIFF LB NIEDER XS1196405556 Mortgages Hard Bullet - -
RAIFF LB NIEDER XS1308628707 Mortgages Hard Bullet - -
RAIFF LB STEIER XS0942965525 Mortgages Hard Bullet - -
RAIFF LB STEIER AT000B092622 Mortgages Hard Bullet - -
UNICREDIT BK AUS AT000B048988 Public Loans Hard Bullet - -
UNICREDIT BK AUS AT000B049226 Public Loans Hard Bullet - -
UNICREDIT BK AUS AT000B049390 Mortgages Hard Bullet - -
UNICREDIT BK AUS AT000B049408 Public Loans Hard Bullet - -
UNICREDIT BK AUS AT000B049465 Mortgages Hard Bullet - -
UNICREDIT BK AUS AT000B049481 Mortgages Hard Bullet - -
UNICREDIT BK AUS AT000B049507 Public Loans Hard Bullet - -
UNICREDIT BK AUS AT000B049531 Mortgages Hard Bullet - -
UNICREDIT BK AUS AT000B049572 Mortgages Hard Bullet - -
UNICREDIT BK AUS AT000B049598 Mortgages Hard Bullet - -
VORARL LAND HYPO XS0920712600 Mortgages Hard Bullet - -
VORARL LAND HYPO XS1188081936 Mortgages Hard Bullet - -
Belgium ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BELFIUS BANK SA BE0002419910 Mortgages Soft Bullet 12M 1.25% p.a.(payable monthly)
BELFIUS BANK SA BE0002424969 Mortgages Soft Bullet 12M 2.125% p.a.(payable monthly)
BELFIUS BANK SA BE0002435106 Mortgages Soft Bullet 12M 1.375% p.a.(payable monthly)
BELFIUS BANK SA BE0002459346 Mortgages Soft Bullet 12M 1.25% p.a.(payable monthly)
BELFIUS BANK SA BE0002474493 Mortgages Soft Bullet 12M 1.75% p.a.(payable monthly)
BELFIUS BANK SA BE0002477520 Public Loans Soft Bullet 12M 0.625% p.a.(payable monthly)
BELFIUS BANK SA BE0002480557 Public Loans Soft Bullet 12M 0.375% p.a.(payable monthly)
BELFIUS BANK SA BE0002483585 Mortgages Soft Bullet 12M 0.75% p.a.(payable monthly)
BELFIUS BANK SA BE0002499748 Mortgages Soft Bullet 12M 0.25% p.a. (payable monthly)
ING BELGIUM SA BE0002456318 Mortgages Soft Bullet 12M 1M-Euribor + 10 bp
ING BELGIUM SA BE0002491661 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
KBC BANK NV BE6246364499 Mortgages Soft Bullet 12M 1M-Euribor + 30 bp
KBC BANK NV BE0002425974 Mortgages Soft Bullet 12M 1M-Euribor + 36 bp
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Belgium ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
KBC BANK NV BE0002434091 Mortgages Soft Bullet 12M 1M-Euribor + 16 bp
KBC BANK NV BE0002462373 Mortgages Soft Bullet 12M 1M-Euribor + 10 bp
KBC BANK NV BE0002482579 Mortgages Soft Bullet 12M 1M-Euribor + 2 bp
KBC BANK NV BE0002489640 Mortgages Soft Bullet 12M 1M-Euribor - 8 bp
KBC BANK NV BE0002498732 Mortgages Soft Bullet 12M 37,5 bp fixed rate
Canada ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BANK OF MONTREAL XS1064774778 Mortgages Soft Bullet 12M 1M-Euribor + 36 bp
BANK OF MONTREAL XS1172094747 Mortgages Soft Bullet 12M 1M-Euribor + 30 bp
BANK OF MONTREAL XS1270460691 Mortgages Soft Bullet 12M 1M-Euribor + 27 bp
BANK OF MONTREAL XS1293495229 Mortgages Soft Bullet 12M 1M-Euribor + 35 bp
BANK OF MONTREAL XS1344742892 Mortgages Soft Bullet 12M 1M-Euribor + 39 bp
BANK OF MONTREAL XS1396763192 Mortgages Soft Bullet 12M 1M-Euribor + 41 bp
BANK NOVA SCOTIA XS1051305974 Mortgages Soft Bullet 12M 1M-Euribor + 38 bp
BANK NOVA SCOTIA XS1111155328 Mortgages Soft Bullet 12M 1M-Euribor + 4 bp
BANK NOVA SCOTIA XS1132503308 Mortgages Soft Bullet 12M 1M-Euribor - 4 bp
BANK NOVA SCOTIA XS1264790939 Mortgages Soft Bullet 12M 1M-Euribor + 27 bp
BANK NOVA SCOTIA XS1346816322 Mortgages Soft Bullet 12M 1M-Euribor + 35,6 bp
BANK NOVA SCOTIA XS1377941106 Mortgages Soft Bullet 12M 1-M Euribor + 55bp
CAISSE CENT DESJ XS1041750404 Mortgages Soft Bullet 12M 1M-Euribor + 45 bp
CAISSE CENT DESJ XS1125546454 Mortgages Soft Bullet 12M 1M-Euribor + 26 bp
CAISSE CENT DESJ XS1324916151 Mortgages Soft Bullet 12M 1M-Euribor + 43 bp
CAN IMPERIAL BK XS0958742313 Mortgages Soft Bullet 12M 1M-Euribor + 9 bp
CAN IMPERIAL BK XS1121257445 Mortgages Soft Bullet 12M 1M-Euribor + 24 bp
CAN IMPERIAL BK XS1175865028 Mortgages Soft Bullet 12M 1M-Euribor + 25 bp
CAN IMPERIAL BK XS1332474912 Mortgages Soft Bullet 12M 1M-Euribor + 29,2 bp
CAN IMPERIAL BK XS1456455572 Mortgages Soft Bullet 12M 1M-Euribor + 34,9 bp
NATL BANK CANADA XS1004892953 Mortgages Soft Bullet 12M 1M-Euribor + 12 bp
NATL BANK CANADA XS1047622987 Mortgages Soft Bullet 12M 1M-Euribor + 22 bp
NATL BANK CANADA XS1173616753 Mortgages Soft Bullet 12M 1M-Euribor + 14 bp
ROYAL BK CANADA XS0956580244 Mortgages Soft Bullet 12M 1M-Euribor + 41 bp
ROYAL BK CANADA XS0986254455 Mortgages Soft Bullet 12M 1M-Euribor + 32 bp
ROYAL BK CANADA XS1078753958 Mortgages Soft Bullet 12M 1M-Euribor + 36 bp
ROYAL BK CANADA XS1246658501 Mortgages Soft Bullet 12M 1M-Euribor + 19 bp
ROYAL BK CANADA XS1287843905 Mortgages Soft Bullet 12M 1M-Euribor + 20 bp
ROYAL BK CANADA XS1374751201 Mortgages Soft Bullet 12M 1M-Euribor + 47,25 bp
ROYAL BK CANADA XS0340256147 Mortgages Soft Bullet 12M 1M-Euribor + 20 bp
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NORD/LB Fixed Income Research
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Canada ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
TORONTO DOM BANK XS1091094448 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
TORONTO DOM BANK XS1130487868 Mortgages Soft Bullet 12M 1M-Euribor + 18 bp
TORONTO DOM BANK XS1223216497 Mortgages Soft Bullet 12M 1M-Euribor - 2 bp
TORONTO DOM BANK XS1245943755 Mortgages Soft Bullet 12M 1M-Euribor - 1 bp
TORONTO DOM BANK XS1342818470 Mortgages Soft Bullet 12M 1M-Euribor + 20 bp
TORONTO DOM BANK XS1401105587 Mortgages Soft Bullet 12M 1M-Euribor + 43,9 bp
Denmark ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BRFKREDIT A/S XS1385173734 Mortgages Hard Bullet - -
BRFKREDIT A/S XS1435774903 Mortgages Hard Bullet - -
DANSKE BANK A/S XS0519458755 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS0896159257 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS1071388117 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS1113212721 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS1197037515 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS1287931601 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS1376627441 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS0469000144 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
DANSKE BANK A/S XS0501663099 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
Finland ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
AKTIA BANK PLC XS0946639381 Mortgages Soft Bullet 12M 3M-Euribor + 15 bp
AKTIA BANK PLC XS1056447797 Mortgages Soft Bullet 12M 3M-Euribor + 8 bp
AKTIA BANK PLC XS1210338015 Mortgages Soft Bullet 12M 3M-Euribor - 4 bp
DANSKE BANK OYJ XS1325648761 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
NORDEA BANK FIN XS0591428445 Mortgages Hard Bullet - -
NORDEA BANK FIN XS0778465228 Mortgages Hard Bullet - -
NORDEA BANK FIN XS0874351728 Mortgages Hard Bullet - -
NORDEA BANK FIN XS0965104978 Mortgages Hard Bullet - -
NORDEA BANK FIN XS1014673849 Mortgages Hard Bullet - -
NORDEA BANK FIN XS1132790442 Mortgages Hard Bullet - -
NORDEA BANK FIN XS1204134909 Mortgages Hard Bullet - -
NORDEA BANK FIN XS1204140971 Mortgages Hard Bullet - -
NORDEA BANK FIN XS1308350237 Mortgages Hard Bullet - -
OP MORTGAGE BANK XS0646202407 Mortgages Soft Bullet 12M 1M-Euribor + 48 bp
OP MORTGAGE BANK XS1045726699 Mortgages Soft Bullet 12M 1M-Euribor + 14 bp
OP MORTGAGE BANK XS1076088001 Mortgages Soft Bullet 12M 1M-Euribor + 5 bp
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NORD/LB Fixed Income Research
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Finland ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
OP MORTGAGE BANK XS1144844583 Mortgages Soft Bullet 12M 1M-Euribor + 4 bp
OP MORTGAGE BANK XS1285892870 Mortgages Soft Bullet 12M 1M-Euribor + 1 bp
OP MORTGAGE BANK XS1324085569 Mortgages Soft Bullet 12M 1M-Euribor + 5 bp
OP MORTGAGE BANK XS1408380803 Mortgages Soft Bullet 12M 1M-Euribor + 4 bp
DANSKE BANK OYJ XS0640463062 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
SAMPO BANK PLC XS0834714254 Mortgages Soft Bullet 12M 1M-Euribor + 100 bp
France ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
AXA BANK EUROPE FR0010957670 Mortgages Soft Bullet 12M 3M-Euribor + 83 bp
AXA BANK EUROPE FR0011322668 Mortgages Soft Bullet 12M 3M-Euribor + 52 bp
AXA BANK EUROPE FR0013141058 Mortgages Soft Bullet 12M 3M-Euribor + 18 bp
BNP PARIBAS SCF FR0010859967 Public Loans Hard Bullet - -
CSSE REFIN L'HAB FR0010345181 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0010910240 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0010945451 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0010744904 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0010989889 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011011188 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011057306 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011108976 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011133008 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011178946 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011213453 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011388339 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0011443985 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0010857672 Mortgages Hard Bullet - -
CSSE REFIN L'HAB FR0010591578 Mortgages Hard Bullet - -
CAISSE FR DE FIN FR0010945964 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010998039 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010762039 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010775486 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0011536093 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0011580588 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0011686401 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0012159507 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0012467942 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0012688208 Public Loans Hard Bullet - -
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France ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
CAISSE FR DE FIN FR0012857548 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0012939882 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0013019510 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0013088424 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0013088432 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0013150257 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0013184181 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010850982 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010859777 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010428185 Public Loans Hard Bullet - -
CAISSE FR DE FIN FR0010539734 Public Loans Hard Bullet - -
CIF EUROMORTGAGE FR0010910620 Mortgages Hard Bullet - -
CIF EUROMORTGAGE FR0011053255 Mortgages Hard Bullet - -
CIF EUROMORTGAGE FR0010814319 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0000474652 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0000487225 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0010292169 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0010913749 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0010960070 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0011035575 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0010758599 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0011181171 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0011356997 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0011780832 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0011885722 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012159820 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012299394 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012447696 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012536704 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012790319 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012801512 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0012938959 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0013031614 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0013106630 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0013135282 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0013162302 Mortgages Hard Bullet - -
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NORD/LB Fixed Income Research
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France ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
CIE FIN FONCIER FR0010422618 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0010464321 Mortgages Hard Bullet - -
CIE FIN FONCIER FR0010532762 Mortgages Hard Bullet - -
CREDIT AGRICOLE FR0011321892 Public Loans Hard Bullet - -
CREDIT AGRICOLE FR0011508332 Public Loans Hard Bullet - -
ARKEA PUBLIC FR0011124635 Public Loans Hard Bullet - -
SOC GENERALE SCF FR0010742908 Public Loans Hard Bullet - -
SOC GENERALE SCF FR0011001684 Public Loans Hard Bullet - -
SOC GENERALE SCF FR0010855155 Public Loans Hard Bullet - -
SOC GENERALE SCF FR0010885376 Public Loans Hard Bullet - -
BNP PARIBAS HOME FR0010988873 Mortgages Hard Bullet - -
BNP PARIBAS HOME FR0011075167 Mortgages Hard Bullet - -
BNP PARIBAS HOME FR0011223205 Mortgages Hard Bullet - -
BNP PARIBAS HOME FR0011470921 Mortgages Hard Bullet - -
BNP PARIBAS HOME FR0011757434 Mortgages Hard Bullet - -
BNP PARIBAS HOME FR0012300754 Mortgages Hard Bullet - -
BNP PARIBAS HOME FR0012716371 Mortgages Soft Bullet 12M 0.375% p.a.
BNP PARIBAS HOME FR0013106622 Mortgages Soft Bullet 12M 0.25% p.a.
BNP PARIBAS HOME FR0010887133 Mortgages Hard Bullet - -
BPCE SFH FR0011109321 Mortgages Hard Bullet - -
BPCE SFH FR0011169861 Mortgages Hard Bullet - -
BPCE SFH FR0011169879 Mortgages Hard Bullet - -
BPCE SFH FR0011219328 Mortgages Hard Bullet - -
BPCE SFH FR0011332162 Mortgages Hard Bullet - -
BPCE SFH FR0011362151 Mortgages Hard Bullet - -
BPCE SFH FR0011565985 Mortgages Hard Bullet - -
BPCE SFH FR0011637743 Mortgages Hard Bullet - -
BPCE SFH FR0011711845 Mortgages Hard Bullet - -
BPCE SFH FR0011993518 Mortgages Hard Bullet - -
BPCE SFH FR0012326841 Mortgages Hard Bullet - -
BPCE SFH FR0012518926 Mortgages Hard Bullet - -
BPCE SFH FR0012870061 Mortgages Soft Bullet 12M 1M-Euribor - 8 bp
BPCE SFH FR0013111903 Mortgages Soft Bullet 12M 1M-Euribor + 17 bp
CRED AG COV BOND FR0010920900 Mortgages Soft Bullet 12M 1M-Euribor + 77 bp
CRED AG COV BOND FR0010989087 Mortgages Soft Bullet 12M 1M-Euribor + 73 bp
CREDIT AG HOME L FR0011060367 Mortgages Soft Bullet 12M 1M-Euribor + 53 bp
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NORD/LB Fixed Income Research
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France ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
CREDIT AG HOME L FR0011179852 Mortgages Soft Bullet 12M 1M-Euribor + 165 bp
CREDIT AG HOME L FR0011440528 Mortgages Soft Bullet 12M 1M-Euribor + 35 bp
CREDIT AG HOME L FR0012332450 Mortgages Soft Bullet 12M 1M-Euribor - 2 bp
CREDIT AG HOME L FR0012936656 Mortgages Soft Bullet 12M 1M-Euribor - 8 bp
CREDIT AG HOME L FR0013066743 Mortgages Soft Bullet 12M 1M-Euribor + 8 bp
CREDIT AG HOME L FR0013105863 Mortgages Soft Bullet 12M 1M-Euribor + 10 bp
CREDIT AG HOME L FR0013141066 Mortgages Soft Bullet 12M 1M-Euribor + 9 bp
CREDIT AG HOME L FR0013141074 Mortgages Soft Bullet 12M 1M-Euribor + 26 bp
CRED MUTUEL- CIC FR0010939207 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0010990390 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0011022094 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0011182542 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0011473495 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0011564962 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0011725407 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0011991306 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0012452217 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0013065117 Mortgages Hard Bullet - -
CRED MUTUEL- CIC FR0013113453 Mortgages Soft Bullet 12M 0.375% p.a.
CRED MUT ARK HL FR0011033125 Mortgages Hard Bullet - -
CRED MUT ARK HL FR0011530492 Mortgages Hard Bullet - -
ARKEA HL FR0012970713 Mortgages Soft Bullet 12M 1M-Euribor + 1 bp
HSBC SFH FR0011470764 Mortgages Hard Bullet - -
HSBC SFH FR0011600923 Mortgages Hard Bullet - -
HSBC SFH FR0012602522 Mortgages Soft Bullet 12M 1M-Euribor - 7 bp
LA BANQUE POST H FR0011565738 Mortgages Hard Bullet - -
LA BANQUE POST H FR0011688464 Mortgages Hard Bullet - -
LA BANQUE POST H FR0012686087 Mortgages Soft Bullet 12M 1M-Euribor - 12 bp
LA BANQUE POST H FR0013090578 Mortgages Soft Bullet 12M 1M-Euribor + 5 bp
SOCIETE GENERALE FR0011180017 Mortgages Hard Bullet - -
SOCIETE GENERALE FR0011215516 Mortgages Hard Bullet - -
SOCIETE GENERALE FR0011374198 Mortgages Hard Bullet - -
SOCIETE GENERALE FR0011431014 Mortgages Hard Bullet - -
SOCIETE GENERALE FR0011644392 Mortgages Hard Bullet - -
SOCIETE GENERALE FR0011859495 Mortgages Hard Bullet - -
SOCIETE GENERALE FR0012562999 Mortgages Soft Bullet 12M 1M-Euribor - 10 bp
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NORD/LB Fixed Income Research
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France ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
SOCIETE GENERALE FR0012951960 Mortgages Soft Bullet 12M 0.50% p.a.
SOCIETE GENERALE FR0013094869 Mortgages Soft Bullet 12M 0.50% p.a.
BANQUE POPUL CB FR0010999482 Mortgages Hard Bullet - -
Germany ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
AAREAL BANK AG DE000AAR0157 Mortgages Hard Bullet - -
AAREAL BANK AG DE000AAR0165 Mortgages Hard Bullet - -
AAREAL BANK AG DE000AAR0173 Mortgages Hard Bullet - -
AAREAL BANK AG DE000AAR0181 Mortgages Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6JA9 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY1299 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0AJ1 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0AR4 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0GP5 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0A64 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0BA8 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0BC4 Mortgages Hard Bullet - -
BERLIN HYP AG DE000BHY0BD2 Mortgages Hard Bullet - -
COMMERZBANK AG DE000EH1ACA0 Mortgages Hard Bullet - -
COMMERZBANK AG DE000EH1A311 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40JW9 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40J26 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40KE5 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40KG0 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40KX5 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40KZ0 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40LG8 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40LM6 Mortgages Hard Bullet - -
COMMERZBANK AG DE000CZ40LQ7 Mortgages Hard Bullet
COMMERZBANK AG DE000EH094Y1 Mortgages Hard Bullet - -
DEUTSCHE APO ARZ XS1319719313 Mortgages Hard Bullet - -
DEUTSCHE APO ARZ XS1376323652 Mortgages Hard Bullet - -
DEUTSCHE BANK AG DE000DB5EVA0 Mortgages Hard Bullet - -
DEUTSCHE BANK AG DE000DB5DCM7 Mortgages Hard Bullet - -
DEUTSCHE BANK AG DE000DB5DCN5 Mortgages Hard Bullet - -
DEUTSCHE BANK AG DE000DB5DCK1 Mortgages Hard Bullet - -
DEUTSCHE BANK AG DE000DL19SH3 Mortgages Hard Bullet - -
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NORD/LB Fixed Income Research
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Germany ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
DEUTSCHE BANK AG DE000DL19S01 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A1REYW6 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A11QBA6 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A12T606 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A13SWZ1 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A13SW15 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A14KKJ5 Mortgages Hard Bullet - -
DEUT GENOS-HYPBK DE000A14KKM9 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY3681 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY3855 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY3988 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY4382 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY4457 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY4556 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY4614 Mortgages Hard Bullet - -
DEUTSCHE HYP HAN DE000DHY4648 Mortgages Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0291 Mortgages Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0333 Mortgages Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0432 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A1MLUW0 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A1R0527 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A1X2566 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A1X3LT7 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A11QAP6 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A11QA31 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SV81 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SWC0 Mortgages Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SWE6 Mortgages Hard Bullet - -
DEUTSCHE POSTBNK DE000A1C9558 Mortgages Hard Bullet - -
DEUTSCHE POSTBNK DE000A0WMBH0 Mortgages Hard Bullet - -
HAMBURGER SPARKA DE000A2AAPV8 Mortgages Hard Bullet - -
HSH NORDBANK AG DE000HSH4MH4 Mortgages Hard Bullet - -
HSH NORDBANK AG DE000HSH4S28 Mortgages Hard Bullet - -
HSH NORDBANK AG DE000HSH4UX4 Mortgages Hard Bullet - -
HSH NORDBANK AG DE000HSH40E5 Mortgages Hard Bullet - -
HSH NORDBANK AG DE000HSH5W21 Mortgages Hard Bullet - -
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NORD/LB Fixed Income Research
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Germany ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
HSH NORDBANK AG DE000HSH5Y29 Mortgages Hard Bullet - -
ING-DIBA AG DE000A1KRJD4 Mortgages Hard Bullet - -
LB BADEN-WUERTT DE000LB0M596 Mortgages Hard Bullet - -
LB BADEN-WUERTT DE000LB00MW9 Mortgages Hard Bullet - -
LB BADEN-WUERTT DE000LB01ZE7 Mortgages Hard Bullet - -
LB BADEN-WUERTT DE000LB06FB4 Mortgages Hard Bullet - -
LB BADEN-WUERTT DE000LB06G44 Mortgages Hard Bullet - -
LB BADEN-WUERTT DE000LB09PR3 Mortgages Hard Bullet - -
LANDBK HESSEN-TH XS0851669050 Mortgages Hard Bullet - -
LANDBK HESSEN-TH XS1002933668 Mortgages Hard Bullet - -
LANDBK HESSEN-TH XS1143602792 Mortgages Hard Bullet - -
LANDBK HESSEN-TH XS1267078944 Mortgages Hard Bullet - -
LANDBK HESSEN-TH XS1369280315 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB06J1 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB09J5 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB10J3 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB12J9 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB13J7 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB14J5 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB15J2 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB16J0 Mortgages Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB17J8 Mortgages Hard Bullet - -
SPK KOELNBONN DE000SK00644 Mortgages Hard Bullet - -
SPK KOELNBONN DE000SK003B9 Mortgages Hard Bullet - -
SPK KOELNBONN DE000SK003C7 Mortgages Hard Bullet - -
UNICREDIT BANK A DE000HV2AGL5 Mortgages Hard Bullet - -
UNICREDIT BANK A DE000HV2AH47 Mortgages Hard Bullet - -
UNICREDIT BANK A DE000HV2AK00 Mortgages Hard Bullet - -
UNICREDIT BANK A DE000HV2AMG3 Mortgages Hard Bullet - -
UNICREDIT BANK DE000HV2AL33 Mortgages Hard Bullet - -
UNICREDIT BANK DE000HV2AMY6 Mortgages Hard Bullet - -
UNICREDIT BANK DE000HV2AMA6 Mortgages Hard Bullet - -
UNICREDIT BANK DE000HV2AMD0 Mortgages Hard Bullet - -
WL BANK DE000A1MLZQ1 Mortgages Hard Bullet - -
WL BANK DE000A1R1CU6 Mortgages Hard Bullet - -
WL BANK DE000A12UGG2 Mortgages Hard Bullet - -
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 26 of 40
Germany ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
WL BANK DE000A13SR38 Mortgages Hard Bullet - -
WL BANK DE000A14J5J4 Mortgages Hard Bullet - -
WL BANK DE000A14KK32 Mortgages Hard Bullet - -
WL BANK DE000A161ZL4 Mortgages Hard Bullet - -
WL BANK DE000A161ZQ3 Mortgages Hard Bullet - -
WL BANK DE000A161ZU5 Mortgages Hard Bullet - -
WL BANK DE000A2AAX45 Mortgages Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H38 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H46 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H53 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H61 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H95 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6JB7 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6C58 Public Loans Hard Bullet - -
BERLIN HYP AG DE000A0N3YJ4 Public Loans Hard Bullet - -
COMMERZBANK AG DE000CZ40JR9 Public Loans Hard Bullet - -
COMMERZBANK AG DE000CZ40KA3 Public Loans Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0176 Public Loans Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0440 Public Loans Hard Bullet - -
DEPFA PFANDBRIEF DE0001617561 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A1R06C5 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SWB2 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SWG1 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A1A6LM2 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1NV3 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1NW1 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1NX9 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1LK0 Public Loans Hard Bullet - -
HSH NORDBANK AG DE000HSH5YK0 Public Loans Hard Bullet - -
LB BADEN-WUERTT DE000LB01ZU3 Public Loans Hard Bullet - -
LB BADEN-WUERTT DE000LB06CF2 Public Loans Hard Bullet - -
LB BADEN-WUERTT DE000LB06DE3 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS0775280166 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS0946694055 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS0946693834 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS1036039433 Public Loans Hard Bullet - -
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 27 of 40
Germany ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
WL BANK DE000A13SR38 Mortgages Hard Bullet - -
WL BANK DE000A14J5J4 Mortgages Hard Bullet - -
WL BANK DE000A14KK32 Mortgages Hard Bullet - -
WL BANK DE000A161ZL4 Mortgages Hard Bullet - -
WL BANK DE000A161ZQ3 Mortgages Hard Bullet - -
WL BANK DE000A161ZU5 Mortgages Hard Bullet - -
WL BANK DE000A2AAX45 Mortgages Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H38 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H46 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H53 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H61 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6H95 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6JB7 Public Loans Hard Bullet - -
BAYERISCHE LNDBK DE000BLB6C58 Public Loans Hard Bullet - -
BERLIN HYP AG DE000A0N3YJ4 Public Loans Hard Bullet - -
COMMERZBANK AG DE000CZ40JR9 Public Loans Hard Bullet - -
COMMERZBANK AG DE000CZ40KA3 Public Loans Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0176 Public Loans Hard Bullet - -
DEUTSCHE KREDIT DE000DKB0440 Public Loans Hard Bullet - -
DEPFA PFANDBRIEF DE0001617561 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A1R06C5 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SWB2 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A13SWG1 Public Loans Hard Bullet - -
DT PFANDBRIEFBAN DE000A1A6LM2 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1NV3 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1NW1 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1NX9 Public Loans Hard Bullet - -
DEXIA KOMMUNALBK DE000DXA1LK0 Public Loans Hard Bullet - -
HSH NORDBANK AG DE000HSH5YK0 Public Loans Hard Bullet - -
LB BADEN-WUERTT DE000LB01ZU3 Public Loans Hard Bullet - -
LB BADEN-WUERTT DE000LB06CF2 Public Loans Hard Bullet - -
LB BADEN-WUERTT DE000LB06DE3 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS0775280166 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS0946694055 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS0946693834 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS1036039433 Public Loans Hard Bullet - -
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 28 of 40
Germany ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
LANDBK HESSEN-TH XS1071847245 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS1196862889 Public Loans Hard Bullet - -
LANDBK HESSEN-TH XS1382379318 Public Loans Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB07J9 Public Loans Hard Bullet - -
MUNCHEN HYPOBANK DE000MHB11J1 Public Loans Hard Bullet - -
NORDDEUTSCHE L/B DE000NLB2DX9 Public Loans Hard Bullet - -
NORDDEUTSCHE L/B XS0808555162 Public Loans Hard Bullet - -
NORDDEUTSCHE L/B XS1191428652 Public Loans Hard Bullet - -
WL BANK DE000A12UGK4 Public Loans Hard Bullet - -
HSH NORDBANK AG DE000HSH4XT6 Mortgages Hard Bullet - -
NORDDEUTSCHE L/B XS1033923142 Mortgages Hard Bullet - -
Ireland ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
AIB MORTGAGE BNK XS0969616779 Mortgages Soft Bullet 12M 1M-Euribor + 180 bp
AIB MORTGAGE BNK XS1048644907 Mortgages Soft Bullet 12M 1M-Euribor + 95 bp
AIB MORTGAGE BNK XS1179936551 Mortgages Soft Bullet 12M 1M-Euribor + 27 bp
AIB MORTGAGE BNK XS1265810686 Mortgages Soft Bullet 12M 1M-Euribor + 22 bp
AIB MORTGAGE BNK XS1357663050 Mortgages Soft Bullet 12M 1M-Euribor + 54 bp
BK IRELAND MTGE XS0907907140 Mortgages Soft Bullet 12M 1M-Euribor + 190 bp
BK IRELAND MTGE XS0975903112 Mortgages Soft Bullet 12M 1M-Euribor + 195 bp
BK IRELAND MTGE XS1046173958 Mortgages Soft Bullet 12M 1M-Euribor + 80 bp
BK IRELAND MTGE XS1170193061 Mortgages Soft Bullet 12M 1M-Euribor + 20 bp
BK IRELAND MTGE XS1228148158 Mortgages Soft Bullet 12M 1M-Euribor + 5 bp
BK IRELAND MTGE XS1308351714 Mortgages Soft Bullet 12M 1M-Euribor + 33 bp
Italy ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
MONTE DEI PASCHI IT0004689912 Mortgages CPT 38Y 3M-Euribor + 185 bp
MONTE DEI PASCHI IT0005013971 Mortgages CPT 38Y 3M-Euribor + 160 bp
MONTE DEI PASCHI IT0005038283 Mortgages CPT 38Y 3M-Euribor + 148 bp
MONTE DEI PASCHI IT0005140188 Mortgages CPT 38Y 3M-Euribor + 85 bp
MONTE DEI PASCHI IT0005151854 Mortgages CPT 38Y 3M-Euribor + 127 bp
BANCA POP MILANO IT0005135725 Mortgages Soft Bullet 12M 1M-Euribor + 25 bp
BANCA POP MILANO IT0005153975 Mortgages Soft Bullet 12M 1M-Euribor + 78 bp
BANCA POP MILANO IT0005199465 Mortgages Soft Bullet 12M 1M-Euribor + 46 bp
BANCA POP SONDRI IT0005175242 Mortgages Soft Bullet 12M 1M-Euribor + 52 bp
BANCO POPOLARE IT0005090516 Mortgages Soft Bullet 12M 3M-Euribor + 28 bp
BANCA POP EMILIA IT0004965346 Mortgages Soft Bullet 12M 3M-Euribor + 215 bp
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 29 of 40
Italy ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BANCA POP EMILIA IT0005076929 Mortgages Soft Bullet 12M 3M-Euribor + 40 bp
BANCA POP EMILIA IT0005120198 Mortgages Soft Bullet 12M 3M-Euribor + 18 bp
CASS RISP PARMA IT0005057002 Mortgages Soft Bullet 12M 1M-Euribor + 25 bp
CASS RISP PARMA IT0005121592 Mortgages Soft Bullet 12M 1M-Euribor + 16 bp
CREDITO EMILIANO IT0004940679 Mortgages Soft Bullet 12M 1M-Euribor + 180 bp
CREDITO EMILIANO IT0005000374 Mortgages Soft Bullet 12M 1M-Euribor + 88 bp
CREDITO EMILIANO IT0005066763 Mortgages Soft Bullet 12M 1M-Euribor + 25 bp
INTESA SANPAOLO IT0004839046 Mortgages Soft Bullet 12M 3M-Euribor + 180 bp
INTESA SANPAOLO IT0004852189 Mortgages Soft Bullet 12M 3M-Euribor + 245 bp
INTESA SANPAOLO IT0004872328 Mortgages Soft Bullet 12M 3M-Euribor + 200 bp
INTESA SANPAOLO IT0004889421 Mortgages Soft Bullet 12M 3M-Euribor + 150 bp
INTESA SANPAOLO IT0004961295 Mortgages Soft Bullet 12M 3M-Euribor + 90 bp
INTESA SANPAOLO IT0004992787 Mortgages Soft Bullet 12M 3M-Euribor + 108 bp
INTESA SANPAOLO IT0005082786 Mortgages Soft Bullet 12M 3M-Euribor + 25 bp
INTESA SANPAOLO IT0005156044 Mortgages Soft Bullet 12M 3M-Euribor + 55 bp
INTESA SANPAOLO IT0005174492 Mortgages Soft Bullet 12M 3M-Euribor + 45 bp
MEDIOBANCA SPA IT0004966716 Mortgages Soft Bullet 12M 3M-Euribor + 150 bp
MEDIOBANCA SPA IT0005028052 Mortgages Soft Bullet 12M 3M-Euribor + 51 bp
MEDIOBANCA SPA IT0005142952 Mortgages Soft Bullet 12M 3M-Euribor + 48 bp
UNICREDIT SPA IT0004648603 Mortgages Soft Bullet 12M 1M-Euribor + 112 bp
UNICREDIT SPA IT0004689433 Mortgages Soft Bullet 12M 1M-Euribor + 165 bp
UNICREDIT SPA IT0004734429 Mortgages Soft Bullet 12M 1M-Euribor + 123 bp
UNICREDIT SPA IT0004760341 Mortgages Soft Bullet 12M 1M-Euribor + 215 bp
UNICREDIT SPA IT0004846793 Mortgages Soft Bullet 12M 1M-Euribor + 290 bp
UNICREDIT SPA IT0004887078 Mortgages Soft Bullet 12M 1M-Euribor + 150 bp
UNICREDIT SPA IT0004932619 Mortgages Soft Bullet 12M 1M-Euribor + 85 bp
UNICREDIT SPA IT0004957137 Mortgages Soft Bullet 12M 1M-Euribor + 95 bp
UNICREDIT SPA IT0004988553 Mortgages Soft Bullet 12M 1M-Euribor + 98 bp
UNICREDIT SPA IT0005090813 Mortgages CPT 38Y 1M-Euribor + 18 bp
UNICREDIT SPA IT0004547409 Mortgages Soft Bullet 12M 1M-Euribor + 60 bp
UNIONE DI BANCHE IT0004619109 Mortgages Soft Bullet 12M 1M-Euribor + 120 bp
UNIONE DI BANCHE IT0004682305 Mortgages Soft Bullet 12M 1M-Euribor + 190 bp
UNIONE DI BANCHE IT0004966195 Mortgages Soft Bullet 12M 1M-Euribor + 148 bp
UNIONE DI BANCHE IT0004992878 Mortgages Soft Bullet 12M 1M-Euribor + 118 bp
UNIONE DI BANCHE IT0005067076 Mortgages Soft Bullet 12M 1M-Euribor + 30 bp
UNIONE DI BANCHE IT0005140030 Mortgages Soft Bullet 12M 1M-Euribor + 36 bp
BANCA POP EMILIA IT0005076929 Mortgages Soft Bullet 12M 3M-Euribor + 40 bp
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 30 of 40
Italy ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
UNIONE DI BANCHE IT0005140030 Mortgages Soft Bullet 12M 1M-Euribor + 36 bp
UNIONE DI BANCHE IT0004558794 Mortgages Soft Bullet 12M 1M-Euribor + 67 bp
Luxembourg ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
NORD/LB CVRD FIN XS1199018398 Public Loans Hard Bullet - -
NORDLB LX COV XS1316421137 Public Loans Hard Bullet - -
NORDLB LX COV XS1432510631 Public Loans Hard Bullet - -
Netherlands ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
ABN AMRO BANK NV XS0519053184 Mortgages Soft Bullet 12M 1M-Euribor + 83 bp
ABN AMRO BANK NV XS0543370430 Mortgages Soft Bullet 12M 1M-Euribor + 75 bp
ABN AMRO BANK NV XS0576912124 Mortgages Soft Bullet 12M 1M-Euribor + 70 bp
ABN AMRO BANK NV XS0613145712 Mortgages Soft Bullet 12M 1M-Euribor + 75 bp
ABN AMRO BANK NV XS0732631824 Mortgages Soft Bullet 12M 1M-Euribor + 120 bp
ABN AMRO BANK NV XS0810731637 Mortgages Soft Bullet 12M 1M-Euribor + 52 bp
ABN AMRO BANK NV XS0968926757 Mortgages Soft Bullet 12M 1M-Euribor + 37 bp
ABN AMRO BANK NV XS1020769748 Mortgages Soft Bullet 12M 1M-Euribor + 34 bp
ABN AMRO BANK NV XS1298431799 Mortgages Soft Bullet 12M 1M-Euribor + 20 bp
ABN AMRO BANK NV XS1344751968 Mortgages Soft Bullet 12M 1M-Euribor + 11 bp
ABN AMRO BANK NV XS1394791492 Mortgages Soft Bullet 12M 1M-Euribor + 26 bp
AEGON BANK XS1327151228 Mortgages CPT 32Y 0.25% p.a. (payable monthly)
AEGON BANK XS1418849482 Mortgages CPT 32Y 0.25% p.a. (payable monthly)
F VAN LANSCHOT XS1224002474 Mortgages CPT 32Y 0.275% p.a. (payable monthly)
F VAN LANSCHOT XS1387192435 Mortgages CPT 32Y 0.375% p.a. (payable monthly)
ING BANK NV XS0576072622 Mortgages Soft Bullet 12M 1M-Euribor + 60 bp
ING BANK NV XS0430609296 Mortgages Soft Bullet 12M 1M-Euribor + 125 bp
ING BANK NV XS0671362506 Mortgages Soft Bullet 12M 1M-Euribor + 80 bp
ING BANK NV XS0728783373 Mortgages Soft Bullet 12M 1M-Euribor + 110 bp
ING BANK NV XS0820867223 Mortgages Soft Bullet 12M 1M-Euribor + 43 bp
ING BANK NV XS0935034651 Mortgages Soft Bullet 12M 1M-Euribor + 26 bp
ING BANK NV XS0479696204 Mortgages Soft Bullet 12M 1M-Euribor + 60 bp
ING BANK NV XS0368232327 Mortgages Soft Bullet 12M 1M-Euribor + 50 bp
NIBC BANK NV XS0977140531 Mortgages CPT 32Y 1.75% p.a.(payable monthly)
NIBC BANK NV XS1054163347 Mortgages CPT 32Y 0,0125 p.a.(payable monthly)
NIBC BANK NV XS1222431097 Mortgages CPT 32Y 0,0025 p.a.(payable monthly)
NIBC BANK NV XS1423753463 Mortgages CPT 32Y 0.625% p.a.
SNS BANK XS0544664989 Mortgages Soft Bullet 12M 1M-Euribor + 85 bp
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 31 of 40
Netherlands ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
SNS BANK XS0822050125 Mortgages Soft Bullet 12M 1M-Euribor + 115 bp
New Zealand ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
ANZ NZ INTL/LDN XS0830360524 Mortgages Soft Bullet 12M 1M-Euribor + 43 bp
ANZ NZ INTL/LDN XS0973586059 Mortgages Soft Bullet 12M 1M-Euribor + 23 bp
ANZ NZ INTL/LDN XS1171526772 Mortgages Soft Bullet 12M 1M-Euribor + 19 bp
ASB FINANCE LTD XS0985215184 Mortgages Soft Bullet 12M 1M-Euribor + 25 bp
ASB FINANCE LTD XS1394181157 Mortgages Soft Bullet 12M 1M-Euribor + 57 bp
BNZ INTL FUND/LN XS0562630391 Mortgages Hard Bullet - -
BNZ INTL FUND/LN XS1434582703 Mortgages Soft Bullet 12M 1M-Euribor + 18 bp
WESTPAC SEC NZ XS1079993538 Mortgages Soft Bullet 12M 1M-Euribor + 44 bp
WESTPAC SEC NZ XS1298529097 Mortgages Soft Bullet 12M 1M-Euribor + 43 bp
WESTPAC SEC NZ XS1432593660 Mortgages Soft Bullet 12M 1M-Euribor + 47 bp
Norway ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
DNB NOR BOLIGKRE XS0537686288 Mortgages Soft Bullet 12M 1M-Euribor + 39 bp
DNB NOR BOLIGKRE XS0637846725 Mortgages Soft Bullet 12M 1M-Euribor + 53 bp
DNB BOLIGKREDITT XS0759310930 Mortgages Soft Bullet 12M 1M-Euribor + 61 bp
DNB BOLIGKREDITT XS0794233865 Mortgages Soft Bullet 12M 1M-Euribor + 40 bp
DNB BOLIGKREDITT XS0856976682 Mortgages Soft Bullet 12M 1M-Euribor + 33 bp
DNB BOLIGKREDITT XS0877571884 Mortgages Soft Bullet 12M 1M-Euribor + 13 bp
DNB BOLIGKREDITT XS0992304369 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
DNB BOLIGKREDITT XS1117515871 Mortgages Soft Bullet 12M 1M-Euribor - 3 bp
DNB BOLIGKREDITT XS1308759718 Mortgages Soft Bullet 12M 1M-Euribor + 36,5 bp
DNB BOLIGKREDITT XS1344745481 Mortgages Soft Bullet 12M 1 M-Euribor + 42 bp
DNB BOLIGKREDITT XS1396253236 Mortgages Soft Bullet 12M 1 M-Euribor + 44 bp
EIKA BOLIGKREDIT XS0794570944 Mortgages Soft Bullet 12M 3M-Euribor + 55 bp
EIKA BOLIGKREDIT XS0851683473 Mortgages Soft Bullet 12M 3M-Euribor + 35 bp
EIKA BOLIGKREDIT XS0881369770 Mortgages Soft Bullet 12M 3M-Euribor + 43 bp
EIKA BOLIGKREDIT XS1044766191 Mortgages Soft Bullet 12M 3M-Euribor + 22 bp
EIKA BOLIGKREDIT XS1312011684 Mortgages Soft Bullet 12M 3M-Euribor + 22 bp
EIKA BOLIGKREDIT XS1397054245 Mortgages Soft Bullet 12M 3M-Euribor + 24 bp
SPAREBANK1BOKR XS0587952085 Mortgages Soft Bullet 12M 3M-Euribor + 60 bp
SPAREBANK1BOKR XS0674396782 Mortgages Soft Bullet 12M 3M-Euribor + 65 bp
SPAREBANK1BOKR XS0738895373 Mortgages Soft Bullet 12M 3M-Euribor + 77 bp
SPAREBANK1BOKR XS0820929437 Mortgages Soft Bullet 12M 3M-Euribor + 17 bp
SPAREBANK1BOKR XS0942804351 Mortgages Soft Bullet 12M 3M-Euribor + 18 bp
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 32 of 40
Norway ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
SPAREBANK1BOKR XS0995022661 Mortgages Soft Bullet 12M 3M-Euribor + 15 bp
SPAREBANK1BOKR XS1285867419 Mortgages Soft Bullet 12M 3M-Euribor + 8 bp
SPAREBANK1BOKR XS1320110791 Mortgages Soft Bullet 12M 1M-Euribor + 10 bp
SPAREBANK1BOKR XS1377237869 Mortgages Soft Bullet 12M 3M-Euribor + 23 bp
SPAREBANKEN XS1383921803 Mortgages Soft Bullet 12M 1M-Euribor + 22 bp
SPAREBANKEN V BO XS0969571065 Mortgages Soft Bullet 12M 3M-Euribor + 12 bp
SPAREBANKEN V BO XS1015552836 Mortgages Soft Bullet 12M 3M-Euribor + 10 bp
SPAREBANKEN V BO XS1225004115 Mortgages Soft Bullet 12M 3M-Euribor - 5 bp
SPAREBANKEN V BO XS1294537458 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
SPAREBANKEN V BO XS1373992616 Mortgages Soft Bullet 12M 3M-Euribor + 18 bp
SR-BOLIGKREDITT XS1297977115 Mortgages Soft Bullet 12M 3M-Euribor + 12 bp
SR-BOLIGKREDITT XS1344895450 Mortgages Soft Bullet 12M 3M-Euribor + 25 bp
SR-BOLIGKREDITT XS1429577791 Mortgages Soft Bullet 12M 3M-Euribor + 12 bp
Portugal ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BANCO SAN TOTTA PTBSQEOE0029 Mortgages Soft Bullet 12M 1M-Euribor + 93 bp
BANCO SAN TOTTA PTBSRBOE0021 Mortgages Soft Bullet 12M 1M-Euribor + 55 bp
CAIXA GERAL DEPO PTCGHUOE0015 Mortgages Soft Bullet 12M 3.75% (payable monthly)
CAIXA GERAL DEPO PTCGHAOE0019 Mortgages Soft Bullet 12M 3.0% (payable monthly)
CAIXA GERAL DEPO PTCGH1OE0014 Mortgages Soft Bullet 12M 1.0% (payable monthly)
CAIXA GERAL DEPO PTCG2YOE0001 Mortgages Soft Bullet 12M 1M-Euribor + 80 bp
Singapore ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
UNITED OVERSEAS XS1376390339 Mortgages Soft Bullet 12M n/a
Spain ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BANCO BILBAO VIZ ES0413211071 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211105 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211121 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211782 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211790 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211816 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211824 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211865 Mortgages Hard Bullet - -
BANCO BILBAO VIZ ES0413211873 Mortgages Hard Bullet - -
BANCO SABADELL ES0413860323 Mortgages Hard Bullet - -
BANCO SABADELL ES0413860398 Mortgages Hard Bullet - -
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 33 of 40
Spain ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BANCO SABADELL ES0413860455 Mortgages Hard Bullet - -
BANCO SABADELL ES0413860505 Mortgages Hard Bullet - -
BANCO SABADELL ES0413860547 Mortgages Hard Bullet - -
BANCO MARE NOSTR ES0413056047 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790231 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790314 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790355 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790397 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790413 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790421 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790439 Mortgages Hard Bullet - -
BANCO POP ESPAN ES0413790074 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900087 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900129 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900327 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900368 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900376 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900384 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900392 Mortgages Hard Bullet - -
BANCO SANTANDER ES0413900160 Mortgages Hard Bullet - -
CAJA MADRID ES0414950628 Mortgages Hard Bullet - -
CAJA MADRID ES0414950644 Mortgages Hard Bullet - -
CAJA MADRID ES0414950651 Mortgages Hard Bullet - -
CAJA MADRID ES0414950685 Mortgages Hard Bullet - -
BANKIA ES0413307093 Mortgages Hard Bullet - -
BANKIA ES0413307101 Mortgages Hard Bullet - -
BANKIA ES0413307119 Mortgages Hard Bullet - -
BANKIA ES0413307127 Mortgages Hard Bullet - -
CAJA MADRID ES0414950693 Mortgages Hard Bullet - -
BANKINTER SA ES0413679277 Mortgages Hard Bullet - -
BANKINTER SA ES0413679327 Mortgages Hard Bullet - -
BANKINTER SA ES0413679343 Mortgages Hard Bullet - -
BANKINTER SA ES0413679350 Mortgages Hard Bullet - -
CAIXABANK ES0414970196 Mortgages Hard Bullet - -
CAIXABANK ES0414970204 Mortgages Hard Bullet - -
LA CAIXA ES0414970246 Mortgages Hard Bullet - -
LA CAIXA ES0414970303 Mortgages Hard Bullet - -
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 34 of 40
Spain ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
CAIXABANK ES0440609206 Mortgages Hard Bullet - -
CAIXABANK ES0440609248 Mortgages Hard Bullet - -
CAIXABANK ES0440609271 Mortgages Hard Bullet - -
CAIXABANK ES0440609305 Mortgages Hard Bullet - -
CAIXABANK ES0440609313 Mortgages Hard Bullet - -
LA CAIXA ES0414970402 Mortgages Hard Bullet - -
CAIXA GALICIA ES0414843146 Mortgages Hard Bullet - -
CAJA RURAL DE CA ES0457089003 Mortgages Hard Bullet - -
CAJA RURAL DE CA ES0457089011 Mortgages Hard Bullet - -
CAJA RURAL NAV ES0415306002 Mortgages Hard Bullet - -
CAJA RURAL NAV ES0415306036 Mortgages Hard Bullet - -
CAJAMAR ES0422714024 Mortgages Hard Bullet - -
CAJAMAR ES0422714032 Mortgages Hard Bullet - -
CAJAMAR ES0422714040 Mortgages Hard Bullet - -
DEUTSCHE BK SAE ES0413320054 Mortgages Hard Bullet - -
DEUTSCHE BK SAE ES0413320062 Mortgages Hard Bullet - -
KUTXABANK ES0443307048 Mortgages Hard Bullet - -
KUTXABANK ES0443307063 Mortgages Hard Bullet - -
Sweden ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
LANSFORSAKRINGAR XS0926822189 Mortgages Hard Bullet - -
LANSFORSAKRINGAR XS1046273667 Mortgages Hard Bullet - -
LANSFORSAKRINGAR XS1222454032 Mortgages Hard Bullet - -
LANSFORSAKRINGAR XS1394065756 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS0548881555 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS0614401197 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS0894500981 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS0988357090 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS1246782269 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS1314150878 Mortgages Hard Bullet - -
SKANDINAV ENSKIL XS1362319284 Mortgages Hard Bullet - -
STADSHYPOTEK AB XS0906516256 Mortgages Hard Bullet - -
STADSHYPOTEK AB XS0987101242 Mortgages Hard Bullet - -
STADSHYPOTEK AB XS1050552006 Mortgages Hard Bullet - -
STADSHYPOTEK AB XS1135318431 Mortgages Hard Bullet - -
STADSHYPOTEK AB XS1324397964 Mortgages Soft Bullet 12M 1M-Euribor + 12 bp
STADSHYPOTEK AB XS1368543135 Mortgages Soft Bullet 12M 1M-Euribor + 19 bp
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 35 of 40
Sweden ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
STADSHYPOTEK AB XS1435031270 Mortgages Soft Bullet 12M 1M-Euribor + 3 bp
SWEDBANK HYPOTEK XS0925525510 Mortgages Hard Bullet - -
SWEDBANK HYPOTEK XS1069674825 Mortgages Hard Bullet - -
SWEDBANK HYPOTEK XS1200837836 Mortgages Hard Bullet - -
SWEDBANK HYPOTEK XS1296948588 Mortgages Hard Bullet - -
SWEDBANK HYPOTEK XS1361548693 Mortgages Hard Bullet - -
SWEDISH COVERED XS1117542412 Mortgages Soft Bullet 12M 1M-Euribor + 26,3 bp
SWEDISH COVERED XS1248348721 Mortgages Soft Bullet 12M 1M-Euribor + 20 bp
SWEDISH COVERED XS1300812077 Mortgages Soft Bullet 12M 1M-Euribor + 32 bp
SWEDISH COVERED XS1355483162 Mortgages Soft Bullet 12M 1M-Euribor + 42 bp
Switzerland ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
CREDIT SUIS GUER XS0692723553 Mortgages Soft Bullet 12M 1M-Euribor + 62 bp
CREDIT SUIS GUER XS1015884833 Mortgages Soft Bullet 12M -
CREDIT SUIS GUER XS1044479373 Mortgages Soft Bullet 12M -
CREDIT SUIS GUER XS1111312523 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
UBS AG LONDON XS1057841980 Mortgages Soft Bullet 12M 1M-Euribor + 15 bp
UBS AG LONDON XS0470204172 Mortgages Hard Bullet - -
UBS AG LONDON XS0500331557 Mortgages Hard Bullet - -
Turkey ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
VAKIFBANK XS1403416222 Mortgages Soft Bullet 18M 1M-Euribor + 250 bp
United Kingdom ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
SANTANDER UK PLC XS0250729109 Mortgages Soft Bullet 12M 1M-Euribor + 11 bp
SANTANDER UK PLC XS0546057570 Mortgages Soft Bullet 12M 1M-Euribor + 140 bp
SANTANDER UK PLC XS0582479522 Mortgages Soft Bullet 12M 1M-Euribor + 150 bp
SANTANDER UK PLC XS0997328066 Mortgages Soft Bullet 12M 1M-Euribor + 21 bp
SANTANDER UK PLC XS1111559339 Mortgages Soft Bullet 12M 1M-Euribor + 2 bp
SANTANDER UK PLC XS1111559685 Mortgages Soft Bullet 12M 1M-Euribor + 14 bp
SANTANDER UK PLC XS1220923996 Mortgages Soft Bullet 12M 1M-Euribor + 1 bp
SANTANDER UK PLC XS1360443979 Mortgages Soft Bullet 12M 1M-Euribor + 23 bp
BANK OF SCOTLAND XS0193640629 Mortgages Hard Bullet - -
BANK OF SCOTLAND XS0212074388 Mortgages Hard Bullet - -
BANK OF SCOTLAND XS0260981658 Mortgages Soft Bullet 12M 1M-Euribor + 10 bp
BANK OF SCOTLAND XS0304459026 Mortgages Soft Bullet 12M 1M-Euribor + 6 bp
BARCLAYS BK PLC XS0576797947 Mortgages Soft Bullet 12M 1M-Euribor + 85 bp
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 36 of 40
United Kingdom ISIN Cover assets Maturity structure Extendible period Interests during
extendible period
BARCLAYS BK PLC XS0456178580 Mortgages Soft Bullet 12M 1M-Euribor + 60 bp
BARCLAYS BK PLC XS0491009659 Mortgages Soft Bullet 12M 1M-Euribor + 72 bp
COVENTRY BDG SOC XS1131109537 Mortgages Soft Bullet 12M 1M-Euribor + 3 bp
LEEDS BLDG SOC XS1398337086 Mortgages Soft Bullet 12M 1M-Euribor + 27 bp
LLOYDS BANK PLC XS1057478023 Mortgages Soft Bullet 12M 1M-Euribor + 15 bp
LLOYDS BANK PLC XS1263854801 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
LLOYDS BANK PLC XS1290654513 Mortgages Soft Bullet 12M 1M-Euribor + 10 bp
LLOYDS BANK PLC XS1346089359 Mortgages Soft Bullet 12M 1M-Euribor + 17 bp
LLOYDS BANK PLC XS1391589626 Mortgages Soft Bullet 12M 1M-Euribor + 28 bp
LLOYDS BANK PLC XS0519671787 Mortgages Soft Bullet 12M 1M-Euribor + 145 bp
LLOYDS BANK PLC XS0542950810 Mortgages Soft Bullet 12M 1M-Euribor + 145 bp
LLOYDS BANK PLC XS0577606725 Mortgages Soft Bullet 12M 1M-Euribor + 150 bp
NATIONWIDE BLDG XS0589642049 Mortgages Soft Bullet 12M 1M-Euribor + 123 bp
NATIONWIDE BLDG XS1081041557 Mortgages Soft Bullet 12M 1M-Euribor + 32 bp
NATIONWIDE BLDG XS1081100239 Mortgages Soft Bullet 12M 1M-Euribor + 51 bp
NATIONWIDE BLDG XS1130066175 Mortgages Soft Bullet 12M 1M-Euribor + 17 bp
NATIONWIDE BLDG XS1207683522 Mortgages Soft Bullet 12M 1M-Euribor + 18 bp
NATIONWIDE BLDG XS1268460885 Mortgages Soft Bullet 12M 1M-Euribor + 16 bp
NATIONWIDE BLDG XS1308693867 Mortgages Soft Bullet 12M 1M-Euribor + 30,31 bp
NATIONWIDE BLDG XS1374414891 Mortgages Soft Bullet 12M 1M-Euribor + 33,5 bp
NATIONWIDE BLDG XS0289011198 Mortgages Soft Bullet 12M 1M-Euribor + 7 bp
ROYAL BK SCOTLND XS0551478844 Mortgages Soft Bullet 12M 1M-Euribor + 140 bp
ROYAL BK SCOTLND XS0577751141 Mortgages Soft Bullet 12M 1M-Euribor + 125 bp
YORKSHRE BLD SOC XS1076256400 Mortgages Soft Bullet 12M 1M-Euribor + 22 bp
YORKSHRE BLD SOC XS1248340587 Mortgages Soft Bullet 12M 1M-Euribor + 4 bp
YORKSHRE BLD SOC XS1318364731 Mortgages Soft Bullet 12M 1M-Euribor + 25 bp
Source: Issuer, Bloomberg, NORD/LB Fixed Income Research
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 37 of 40
Appendix Contacts
Fixed Income Research
Michael Schulz Head +49 511 361-5309 [email protected]
Kai Ebeling Covered Bonds +49 511 361-9713 [email protected]
Mario Gruppe Public Issuers +49 511 361-9787 [email protected]
Michaela Hessmert Banks +49 511 361-6915 [email protected]
Melanie Kiene Banks +49 511 361-4108 [email protected]
Jörg Kuypers Corporates / Retail Products +49 511 361-9552 [email protected]
Matthias Melms Covered Bonds +49 511 361-5427 [email protected]
Sascha Remus Corporates / Retail Products +49 511 361-2722 [email protected]
Norman Rudschuck Public Issuers +49 511 361-6627 [email protected]
Martin Strohmeier Corporates / Retail Products +49 511 361-4712 [email protected]
Kai Witt Corporates / Retail Products +49 511 361-4639 [email protected]
Markets Sales
Carsten Demmler Head +49 511 361-5587 [email protected]
Institutional Sales (+49 511 9818-9440)
Daniel Gutschka (Head) [email protected] Gabriele Schneider [email protected]
Thorsten Bock [email protected] Dirk Scholden [email protected]
Uwe Kollster [email protected] Uwe Tacke [email protected]
Daniel Novotny-Farkas [email protected]
Sales Savings Banks / Regional Banks (+49 511 9818-9400)
Christian Schneider (Head) [email protected] Martin Koch [email protected]
Oliver Bickel [email protected] Bernd Lehmann [email protected]
Tobias Bohr [email protected] Jörn Meißner [email protected]
Kai-Ulrich Dörries [email protected] Lutz Schimanski [email protected]
Jan Dröge [email protected] Ralf Schirrling [email protected]
Sascha Goetz [email protected] Brian Zander [email protected]
Stefan Krilcic [email protected]
Sales Asia (+65 64 203136)
Jefferson Ko [email protected] Muhammad Peter Shepherd
Fixed Income / Structured Products Sales Europe (+352 452211-515)
René Rindert (Head) [email protected] Toni Martikainen [email protected]
Morgan Kermel [email protected] Laurence Payet [email protected]
Patricia Lamas [email protected]
Corporate Sales
Shipping / Aircraft +49 511 9818-8150 Corporate Clients +49 511 9818-4003
Real Estate / Structured Finance
+49 511 9818-8150 FX/MM
+49 511 9818-4006
Syndicate / DCM (+49 511 9818-6600)
Thomas Cohrs (Head) [email protected] Wlada Pesotska [email protected]
Axel Hinzmann [email protected] Andreas Raimchen [email protected]
Thomas Höfermann [email protected] Udo A. Schacht [email protected]
Alexander Malitsky [email protected] Marco da Silva [email protected]
Julien Marchand [email protected]
Financial Markets Trading
Corporates +49 511 9818-9690 Collat. Mgmt / Repos +49 511 9818-9200
Covereds / SSAs +49 511 9818-8040 Cust. Exec. & Trading +49 511 9818-9480
Financials +49 511 9818-9490 Frequent Issuers +49 511 9818-9640
Governments +49 511 9818-9660 Structured Products +49 511 9818-9670
Länder & Regions +49 511 9818-9550
Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 38 of 40
Appendix Disclaimer
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Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 39 of 40
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Covered Bond Special 21 September 2016
NORD/LB Fixed Income Research
Page 40 of 40
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Time of going to press: 16 September 2016 (14:14)
Distribution: 21.09.2016 16:26