全球有担保债券最新情况：北欧追踪：2025年版

Europe Fixed Income Strategy05 June 2025JPMORGANwww.jpmorganmarkets.comGlobal Covered Bond ResearchSuraj Dey, CFA AC(44-20) 7134-1722suraj.dey@jpmorgan.comJ.P. Morgan Securities plcPrakhar Agarwal(91-22) 6157 3046prakhar.x3.agarwal@jpmchase.comJ.P. Morgan India Private Limited•Today we publish the 2025 Edition of J.P. Morgan Nordic Covered Bond Tracker, and all the relevant issuer financials and covered pool data may be accessed in the Excel version here. •Nordic covered bond issuers exhibit diverse financial profiles, with Finnish and Icelandic entities generally presenting higher non-performing loan (NPL) ratios than the rest. However, Norwegian and Swedish issuers maintain higher commercial real estate (CRE) loan proportions compared to Finnish entities. Meanwhile, CET 1 ratios typically span 18% to 24% in the region, while liquidity metrics like LCR and NSFR do not exhibit a lot of dispersion, with the loan-to-deposit ratio generally high across the region.•In terms of covered pool