Nordea Bank Abp

Nordea Bank is a financial services group based in Sweden. Co. has three business areas: retail banking, wholesale banking, and wealth management. Retail banking conducts a full service banking operation and serves household and corporate customers in the Nordic markets as well as the Baltic countries. Wholesale banking provides banking and other financial solutions to large Nordic and international corporate, institutional and public companies. Wealth management provides investment, savings and risk management products. It also manages customers' assets and provides financial advice to individuals and institutional investors.
  • TickerNDA DK
  • ISINFI4000297767
  • ExchangeNasdaq Nordic Copenhagen
  • SectorBanks
  • CountrySweden
Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Nordea - Interest rate action in Denmark - positive

Limit for a negative deposit rate lowered to DKK 250,000 Slightly positive net earnings impact (+1%) from 2021 Finland next?

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Swedish Banks – another bank tax proposal

Potential bank tax implementation from Adjusted gross adj. EPS impacts of –3% to –5% Negative – highlights the political risk in the sector

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - SBAB lowers list prices – should be NEUTRAL

SBAB lowers 2Y-5Y list prices… …which should be seen as an adaptation to the market No major impact on the competitive pressure - NEUTRAL

Jan Erik Gjerland ...
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Norway: Back to strickter lending guidlines

The temporarily easing in lending guidelines ends 30 Sep Likely to dampen the increased lending growth of late Could mean that margin pressure picks up again, negative

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Swedish mortgage pricing – August 2020

Avg. offered rate on new 3M mortgages flat m-o-m Avg. 3M margin on new mortgages up by 10bp QTD Volumes & margin support for mtg-related NII in H2’20

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Nordea - Interest rate action in Denmark - positive

Limit for a negative deposit rate lowered to DKK 250,000 Slightly positive net earnings impact (+1%) from 2021 Finland next?

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Swedish Banks – another bank tax proposal

Potential bank tax implementation from Adjusted gross adj. EPS impacts of –3% to –5% Negative – highlights the political risk in the sector

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - SBAB lowers list prices – should be NEUTRAL

SBAB lowers 2Y-5Y list prices… …which should be seen as an adaptation to the market No major impact on the competitive pressure - NEUTRAL

Jan Erik Gjerland ...
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Norway: Back to strickter lending guidlines

The temporarily easing in lending guidelines ends 30 Sep Likely to dampen the increased lending growth of late Could mean that margin pressure picks up again, negative

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Swedish mortgage pricing – August 2020

Avg. offered rate on new 3M mortgages flat m-o-m Avg. 3M margin on new mortgages up by 10bp QTD Volumes & margin support for mtg-related NII in H2’20

ING
Suvi Platerink Kosonen

Nordic bank green bonds/Fresh green bonds with value

Nordic banks have issued €4.25bn in green senior unsecured paper targeting 10 different UN sustainable development goals. We expect the Nordic green bond market to continue growing and become more varied also as there is no social/ sustainable bond yet issued. The first green redemptions are due in 2022.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Nordea

Financials Nordea to acquire SG Finans from Société Générale, Nordea CET1 ratio to be hit by 35-40bp, a credit negative

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/October Supply, Nordea, DNB, and Fluvius

Strategy: Forecast supply is low in October, but we are very bullish on credit starting this month. Financials: Nordea and DNB close the sale of Luminor, the transaction was already announced a year ago and should thus not have a spread impact. Utilities: Fluvius: 1H19 results in line; bonds are cheap

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Nordea and Telia

Nordea 2Q19 earnings on the soft side, financial targets review may result in a lower dividend target supportive of its capital build and a credit positive

ING
Suvi Platerink Kosonen

Nordic banks/Nordic safe haven, right?

We take a look at the Nordic bank fundamentals and relative value in senior and subordinated debt. The Swedish banks such as Handelsbanken, SEB and Swedbank exhibit solid profitability and robust capital generation capacity. Danske and Nordea lagged the Swedes in 1Q19. Please download the full report.

NORDEA BANK AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of NORDEA BANK AB (SE), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was SEK 70.64 and its potential was estimated at SEK 74.17.

Expert Corporate Governance Service (ECGS)

Nordea Bank – AGM 28 May 2020

In general, Nordea Bank ("Nordea") is in compliance with the Finnish regulations relating to the organisation and procedures of the AGM.   Under ITEM 9 discharge of the board of directors & CEO is sought. ECGS notes that the relevant supervisory authorities have conducted ongoing investigations (among others) regarding Nordea's compliance with anti-money laundering (AML) regulation. As long as the results of these investigations are unclear, ECGS is unwilling to grant discharge to the members of the board of directors and the CEO. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 1...

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