Norddeutsche Landesbank GZ : Initiating coverage of Tier 2 2034/29 with Buy recommendation

We are initiating coverage of Nord/LB with a Stable credit opinion and a Buy recommendation on the Tier 2 notes. The Tier 2 bond issue in May this year, with its generous spread for a 'Baa1' rating, attracted our attention. At a time when the bank is likely to tap the market more often in the Tier 2 and SNP segments, we avail ourselves of this opportunity to initiate the coverage on the credit. Our credit opinion is Stable and the derisking of businesses and the stock of provisio...