Order on Investor Information for Covered Bonds 1)

Pursuant to Section 36(d) and Section 39(3) of the Act on Mortgage Loans and Mortgage Bonds and the like, cf. Consolidation Act No. 315 of 11 March 2022, Section 5(1)(11) and Section 14(2) of the Act on a Ship Financing Institute, cf. Consolidation Act No. 1873 of 5 December 2023, and Section 152(h)(8) and Section 373(4) of the Act on Financial Business, cf. Consolidation Act No. 1013 of 21 August 2024, and pursuant to authorization in accordance with Section 1(5) of Order No. 44 of 19 January 2015 on the delegation of powers to the Danish Financial Supervisory Authority, the following is stipulated:

Scope of Application

Section 1. This Order applies to issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, cf. however subsection 2.

Subsection 2. This Order does not apply to mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, where the issuer publishes all relevant information covered by the EMF/ECBC’s Harmonised Transparency Template (Covered Bond Label Harmonised Transparency Template), cf. however Section 3(2) and Section 4.

Publication of Information

Section 2. Issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds must publish the information in Appendices 2 and 3 on the issuer's website.

Subsection 2. The publication must take place at least quarterly.

Subsection 3. The information must be published for each series with a series reserve fund or groups of series with a common series reserve fund, register, or capital center. For mortgage institutions and the Ship Financing Institute, the institution is otherwise considered a separate series with a series reserve fund or a separate capital center, respectively.

Subsection 4. Information may be published in aggregated form for multiple series with series reserve funds or groups of series with common series reserve funds, registers, or capital centers, where:

1. no issuance has taken place within the last 5 years,
2. the issuances in the relevant series with series reserve funds or groups of series with common series reserve funds, registers, or capital centers account for less than 5 percent of the issuer's total amount of outstanding covered bonds, and
3. there are no individual ISIN codes in the relevant series with series reserve funds or groups of series with common series reserve funds, registers, or capital centers with an outstanding nominal bond amount exceeding 250 million euros.

Subsection 5. The provisions in subsections 1-3 apply correspondingly to series with series reserve funds or groups of series with common series reserve funds that contain mortgage bonds, covered bonds, or covered mortgage bonds issued on the basis of mortgage bonds, covered bonds, or covered mortgage bonds issued by another group-affiliated mortgage institution pursuant to Section 20(3), cf. (4), of the Act on Mortgage Loans and Mortgage Bonds and the like.

Access to Information at the European Single Access Point (ESAP)

Section 3. Issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds must, simultaneously with the publication of the information referred to in Section 2, submit the information to the Danish Financial Supervisory Authority, which will forward it to the European Single Access Point (ESAP).

Subsection 2. Issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, who have published all relevant information covered by the EMF/ECBC’s Harmonised Transparency Template, cf. Section 1(2), must, simultaneously with the publication of the information, submit the information to the Danish Financial Supervisory Authority, which will forward it to the European Single Access Point (ESAP).

Subsection 3. The issuer must ensure that information is submitted in a data-extractable or machine-readable format, cf. Article 2(3) and (4) of the Regulation of the European Parliament and of the Council on the establishment of a European Single Access Point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability, accompanied by the following data:

1. The legal name of the company to which the information relates.
2. The company's legal entity identifier code.
3. The company's size by category.
4. The type of information, including whether the information is submitted on a mandatory or voluntary basis.
5. Indication of whether the information contains personal data.

Revision

Section 4. In the event of significant changes to the Covered Bond Label Harmonised Transparency Template, the Danish Financial Supervisory Authority may decide that issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, who are covered by Section 1(2), must publish information in accordance with the appendices to this Order.

Subsection 2. In the cases mentioned in subsection 1, the Danish Financial Supervisory Authority will send a notification to the affected issuers. The notification must ensure that the affected issuers have sufficient time to amend their publication.

Penal Provisions

Section 5. Violation of Section 2(1)-(3) and Section 3 may be punishable by a fine.

Subsection 2. Companies and the like (legal persons) may be subject to criminal liability in accordance with the rules in Chapter 5 of the Criminal Code.

Entry into Force

Section 6. This Order enters into force on 1 July 2025, cf. however subsection 2.

Subsection 2. Section 3 enters into force on 10 January 2030.

Subsection 3. Order No. 808 of 31 May 2022 on investor information for covered bonds is repealed.

The Danish Financial Supervisory Authority, 16 May 2025 Louise Mogensen / Kamilla Karen Hjølund

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1. The Order contains provisions implementing parts of Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issuance of covered bonds and public supervision of covered bonds and amending Directives 2009/65/EC and 2014/59/EU, OJ 2019, No. L 328, page 29, and parts of Directive 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain directives as regards the establishment of the European Single Access Point and its functioning, OJ L of 20 December 2023.

Official Gazette A 2025 Published on 28 May 2025 16 May 2025. No. 571. Ministry of Industry, Business and Financial Affairs, Danish Financial Supervisory Authority, Ref. No. 24-016622 CQ003203

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Appendix 1

Completion of the Publication Form

The forms must contain all information relevant to the specific issuance. Fields that are not relevant are to be filled with N/A.

A form must be completed for each series with a series reserve fund or groups of series with a common series reserve fund, register, or capital center. This can be done in separate forms or by adding more columns to the form.

A form may be completed at an aggregated level, provided that Section 2(4) of the Order is fulfilled.

1. Glossary

By 'cover pool' is meant the bonds and the security behind these as separated from the credit institution's other activities.

By 'overcollateralization' is meant the additional assets beyond the assets required in Article 129(3a) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176 of 27.6.2013, p. 1) (CRR).

By 'residential properties' is meant properties primarily used for residential purposes, including holiday homes covered by the loan limit of 75 percent pursuant to the Act on Mortgage Loans and Mortgage Bonds and the like, cf. Section 5(2).

By 'Loan to Value (LTV)' is meant the remaining debt in relation to the property value.

2. Completion of the Form for Information on Mortgage Bonds, Specifically Covered Mortgage Bonds, and Covered Bonds Secured by Real Estate

Indexed LTV is calculated as the current remaining debt in relation to the current property value.

LTV is reported continuously. If there is only one loan in a property, the loan is distributed proportionally in the LTV intervals from 0 up to the marginal LTV. If there are prior liens, the loan is distributed proportionally in the LTV intervals in which the loan has security.

Completion of the Form for Information on Mortgage Bonds, Specifically Covered Mortgage Bonds, and Covered Bonds Secured by General Housing with State Guarantee

For separate capital centers with state-guaranteed loans for general housing pursuant to Section 128a of the Act on General Housing and the like, it is not relevant to report LTV due to the state guarantee.

In the investor information form, reporting of LTV may be omitted for the relevant capital centers with the following text: "The capital center contains only state-guaranteed loans for general housing pursuant to Section 128a of the Act on General Housing and the like, therefore LTV is not reported."

Completion of the Form for Ship Credit Bonds

Indexed LTV is calculated as the current remaining debt in relation to the current value of the ship.

LTV is reported continuously. If there is only one loan on a ship, the loan is distributed proportionally in the LTV intervals from 0 up to the marginal LTV. If there are prior liens, the loan is distributed proportionally in the LTV intervals in which the loan has security.

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Appendix 2

Form for Publication of Information on Mortgage Bonds, Specifically Covered Mortgage Bonds, and Covered Bonds Secured by Real Estate

Information	Subcategory	Capital Center X	Nominal DKK bn. / DKK mia.	Per cent / Percent
a	Value of cover pool (nominal DKK mia.)	-
a	Outstanding covered bonds (nominal DKK mia.)	-
f	Overcollateralization (OC DKK mia.)	-
f	Regulatory overcollateralization (% of risk-weighted exposures REA)	-
c	Geographic distribution of covering assets	Region Hovedstaden
		Region Sjælland
		Region Nordjylland
		Region Midtjylland
		Region Syddanmark
		Outside Denmark
c	Type of covering assets	Owner-occupied homes for year-round use
		Holiday homes
		General housing construction
		Private cooperative apartments
		Private residential properties for rent
		Industrial and craft properties
		Office and commercial properties
		Agricultural and forestry properties, nurseries etc.
		Properties for social, cultural, and educational purposes
		Other properties
c	Loan size	DKK 0 - 2m
		DKK 2 - 5m
		DKK 5 - 20m
		DKK 20 - 50m
		DKK 50 - 100m
c	Valuation method (assets)	Valuation is done at market value, cf. Order on valuation of collateral and loans in real estate as security for issuance of covered bonds	N/A
d	Interest rate risk - Loans	Fixed rate - Principal before hedging
		Variable rate - Principal before hedging
		Other interest rate type - Principal before hedging
d	Interest rate risk - Bonds	Fixed rate - Principal before hedging
		Variable rate - Principal before hedging
		Other interest rate type - Principal before hedging
		Fixed rate - Principal after hedging
		Variable rate - Principal after hedging
		Other interest rate type - Principal after hedging
d	Currency risk - Loans	Principal DKK (before hedging)
		Principal EUR (before hedging)
		Principal NOK (before hedging)
		Principal SEK (before hedging)
		Principal Other currency (before hedging)
		Principal DKK (after hedging)
		Principal EUR (after hedging)
		Principal NOK (after hedging)
		Principal SEK (after hedging)
		Principal Other currency (after hedging)
d	Currency risk - Bonds	Principal DKK (before hedging)
		Principal EUR (before hedging)
		Principal NOK (before hedging)
		Principal SEK (before hedging)
		Principal Other currency (before hedging)
		Principal DKK (after hedging)
		Principal EUR (after hedging)
		Principal NOK (after hedging)
		Principal SEK (after hedging)
		Principal Other currency (after hedging)
d	Currency and interest rate risk	Total value of loans funded in cover pool
		Match funded (without interest and/or currency risk)
		Fully hedged with derivatives
		Unhedged interest rate risk
		Unhedged currency risk
		'- of which EUR
		'- of which DKK
d	Indexed LTV	'>0 - <=40 %'
		'>40 - <=50 %'
		'>50 - <=60 %'
		'>60 - <=70 %'
		'>70 - <=80 %'
		'>80 - <=90 %'
		'>90 - <=100 %'
		'>100%'
d and g	Non-performing loans - Arrears > 90 days	Loans to residential properties
		Loans to commercial properties
		Total lending
e	Maturity structure of covering assets	- 0 <= 1 year
		- < 1 <= 5 years
		- over 5 years
e	Maturity structure of covered bonds	'- 0 <= 1 year'
		'- < 1 <= 2 years'
		'- < 2 <= 3 years'
		'- < 3 <= 4 years'
		'- < 4 <= 5 years'
		'- < 5 <= 10 years'
		'- < 10 years'
e	Maturity extension	'- The rules for maturity extensions are part of the legal basis for covered bonds. For mortgage institutions, reference is made to Section 6 of the Act on Mortgage Loans and Mortgage Bonds etc. For universal banks issuing covered bonds, reference is made to Section 152b, subsections 4-8 of the Act on Financial Business.'	N/A

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Appendix 3

Form for Publication of Information on Ship Credit Bonds and Covered Bonds Secured by Ships

Information	Subcategory	Capital Center	Nominal DKK bn. / DKK mia.	Per cent / Percent
a	Value of cover pool (nominal DKK mia.)	-
a	Outstanding covered bonds (nominal DKK mia.)	-
f	Overcollateralization (OC DKK mia.)	-
f	Regulatory overcollateralization (% of risk-weighted exposures REA)	-
c	Geographic distribution of covering assets	European Union
		European countries (excl. EU)
		Asia
		America
		Other
c	Type of covering assets	Bulk Carriers
		Car Carriers
		Chemical Tankers
		Container Feeders
		Crude Tankers
		Ferries/RO-RO
		LPG
		Offshore Units
		Offshore Vessels
		Product Tankers
		Other
c	Loan size	DKK 0 - 100m
		DKK 100 - 300m
		DKK 300 - 500m
		DKK 500 - 1,000m
		> DKK 1,000m