---
title: "Norddeutsche Landesbank GZ - Public-Sector Covered Bonds program, Germany; OC current 11.9%, stressed 2.0% buffer"
sdDatePublished: "2026-08-11T12:24:00Z"
source: "https://www.nordlb.de/fileadmin/redaktion/Investor_Relations/Rating/26_06_Public_PO.pdf"
topics:
  - name: "financial service"
    identifier: "medtop:20001370"
  - name: "financial and business service"
    identifier: "medtop:20000271"
  - name: "economy, business and finance"
    identifier: "medtop:04000000"
  - name: "banking"
    identifier: "medtop:20000274"
locations:
  - "France"
  - "Austria"
  - "Germany"
---


Norddeutsche Landesbank GZ - Public-Sector Covered Bonds program, Germany; OC current 11.9%, stressed 2.0% buffer

Prog
Norddeutsche Landesbank GZ - Public-Sector Covered Bonds
Covered Bonds / Germany
Contacts
Monitoring
Monitor.CB@moodys.com
Click on the icon to download data into Excel & to see Glossary of terms used
Client Service Desk
London: +44 20 7772-5454, csdlondon@moodys.com
Reporting as of:
30/06/2026
All amounts in EUR (unless otherwise specified)
For information on how to read this report, see the latest
Moody's Covered Bonds Sector Update
Data as provided to Moody's Investors Service (note 1)
I. Programme Overview
Overview
Total outstanding liabilities:
Total assets in the Cover Pool:
Issuer name / CR Assessment:
Group or parent name / CR Assessment:
Ratings
Covered bonds rating:
Aaa
Entity used in Moody's EL & TPI analysis:
        CB anchor:
        CR Assessment:
         Adjusted BCA / SUR:
a3 / Aa2
Unsecured claim used for Moody's EL analysis:
Yes
II. Value of the Cover Pool
Collateral Score:
6.7%
Collateral Score excl. systemic risk:
n/a
Collateral Risk (Collateral Score post-haircut):
3.4%
34%
Market Risk:
6.6%
66%
10.0%
100%
III. Over-Collateralisation Levels
(notes 2 & 3)
Over-Collateralisation (OC) figures presented below include Eligible only collateral.
Over-Collateralisation levels are provided on any of the following: nominal basis or unstressed NPV basis or on stressed NPV basis.
NPV stress assumptions applied as required by the legal framework for German Pfandbriefe.
Current situation
Committed OC (Stressed NPV):
2.0%
Current OC (Unstressed NPV):
11.9%
Scenario 1: CB anchor is lowered by
1 notch
0.0%
OC consistent with current rating (note 4)
0.0%
IV. Timely Payment Indicator & TPI Leeway
Legal framework
Timely Payment Indicator (TPI):
High
Does a specific covered bond law apply for this programme:
Yes, Pfandbrief Act
TPI Leeway:
6
Main country in which collateral is based / issuer is based:
Germany / Germany
Programme setup / structure:
Bank issuer holding cover pool
Extract from TPI table
CB Anchor
High
Timely principal payments
Aaa
Aaa
Maturity type:
Soft Bullet
Aa1
Aaa
Aa2
Aaa
n/a
Aa3
Aaa
A1
Aaa
Yes
A2
Aaa
Maximum length of maturity extension:
> 6 months but ≤ 12 month
A3
Aaa
Trigger for maturity extension ('Y' means applicable, 'N' means not applicable):
Baa1
Aaa
(N) Issuer insolvency-type event(s)
(Y) Cover pool insolvency-type event(s)
Baa2
Aa1
(N) Issuer resolution / early intervention measure(s)
(N) Other(s)
(N) Breach of liquidity requirements (actual/potential)
Final decision on trigger:
Administrator
Norddeutsche Landesbank GZ - Public-Sector Covered Bonds
Page 1
10 August 2026
Committed liquidity reserve for principal amount of all hard bullet bonds to be funded
at least 180 days before maturity:
Committed liquidity reserve for principal amount of all soft bullet bonds to be funded at
least 180 days before initial maturity:
(note 1) The data reported in this PO is based on information provided by the issuer and may include certain assumptions made by Moody's. Moody's accepts no responsibility for the information provided to it and, whilst it believes the assumptions it has made are reasonable, cannot guarantee that they are or will
remain accurate. Although Moody's encourages all issuers to provide reporting data in a consistent manner, there may be differences in the way that certain data is categorised by issuers. The data reporting template (which Issuers are requested to use) is available on request. Credit ratings, TPI and TPI Leeway
shown in this PO are as of publication date.
(note 2) This assumes the Covered Bonds rating is not constrained by the TPI. Also to the extent rating assumptions change following a downgrade or an upgrade of the Issuer, the necessary OC stated here may also change. This is especially significant in the case of CR assessments of A3(cr) or Baa1(cr), as the
necessary OC following a 1 notch downgrade may then be substantially higher than the amount suggested here as market risks are considered more critically by Moody’s at this time. In any event, the necessary OC amounts stated here are subject to change at anytime at Moody’s discre
(note 3) This is the minimum OC calculated to be consistent with the current rating under Moody’s expected loss model. However, the level of OC consistent with a given rating level may differ from this amount where ratings are capped under the TPI framework and, for example, where
applied.
(note 4) The OC consistent with the current rating is the minimum level of over-collateralisation which is necessary to support the covered bond rating at its current level on the basis of the pool as per the cut-off date. The sensitivity run is based on certain assumptions, including that the Covered Bonds rating is not
constrained by the TPI. Further, this sensitivity run is a model output only and therefore a simplification as it does not take into account certain assumptions that may change as an issuer is downgraded, and as a result the actual OC number consistent with the current rating may be higher than shown. The OC
required may also differ from the model output in situations when committee discretion is applied. In any event, the OC amounts stated here are subject to change at any time at Moody’s discretion.
OC consistent with current rating
Besides 2% committed OC on NPV basis, in accordance with German Pfandbrief Act, the issuer is also required to hold
additional 2% OC calculated on nominal basis.
Collateral quality
Cover Pool losses
Sensitivity scenario CB anchor
Norddeutsche Landesbank - Girozentrale -
Aa1
Aa2(cr)
EUR
11,989,097,075
Norddeutsche Landesbank GZ / Aa2(cr)
n/a
Dennis Beers - +49 (697) 073-0979 - Dennis.Beers@moodys.com
Elisabeth Zeidler - +44 (207) 772-5283 - elisabeth.zeidler@moodys.com
Click here to access the covered bond programme webpage on moodys.com
EUR
10,666,962,882
Public-Sector assets,
95.6%
Other /
Supplementary assets,
4.4%
Chart 2 :
Asset types in cover pool
INTERNATIONAL STRUCTURED FINANCE
COVERED BONDS
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
B1
B2
Aaa (cr)
Aa1 (cr)
Aa2 (cr)
Aa3 (cr)
A1 (cr)
A2 (cr)
A3 (cr)
Baa1 (cr)
Baa2 (cr)
Baa3 (cr)
Ba1 (cr)
Ba2 (cr)
Ba3 (cr)
B1 (cr)
B2 (cr)
Chart 1:
Rating history
Covered Bond
Sovereign
Adjusted BCA
CR Assessment (RHS)
CB Anchor

V. Asset Liability Profile
Interest Rate & Duration Mismatch (note 5)
Swap Arrangements
Fixed rate assets in the cover pool:
83.8%
Interest rate swap(s) in the Cover Pool:
No
Fixed rate covered bonds outstanding:
94.5%
Intra-group interest rate swap(s) provider(s):
No
WAL of outstanding covered bonds:
5.7 years
Currency swap(s) in the Cover Pool:
No
  floating / fixed rate
6.5 y / 5.7 y
Intra-group currency swap(s) provider(s):
No
WAL of the cover pool:
7.5 years
 floating / fixed rate / time to reset
4.2 y / 8.1 y / 8.2 y
(note 6)
Maximum mismatch: 15.0%
in EUR millions
                  Amortisation profile (in millions) (note 7)
VI. Performance Evolution
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for the most updated credit rating action information and rating history.
Norddeutsche Landesbank GZ - Public-Sector Covered Bonds
Page 2
(note 5) This assumes no prepayment.
(note 6) Based on principal flows only. Assumptions include no prepayments, principal collections limited to the portion of assets that make up the amount of the liabilities plus committed OC, no further CB issuance and no further assets added to the cover pool.
(note 7) Assumptions include no swap in place in Cover Pool, no prepayment and no further CB issuance.
10 August 2026
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0
1
2
3
4
5
6
7
8
9
Years
Chart 5 :
Assets
Liabilities
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0
1
2
3
4
5
6
7
8
9
Mismatch in % of the total liabilities
Period in years
Chart 3 :
Stressed refinancing needs per quarter (% of liabilities)
10,478
189
11,739
145
74
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
EUR
USD
GBP
Chart 4:
Currency mix before swaps (Main Currencies)
Cover pool
Covered Bonds
COVERED BONDS
10.5%
10.2%
10.4%
10.5%
10.0%
0%
2%
4%
6%
8%
10%
12%
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Chart 7 :
Cover Pool Losses
Collateral Risk
Market Risk
Cover Pool Losses
6.3%
6.1%
6.2%
6.5%
6.7%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Chart 6 :
Collateral Score
0.0%
0.0%
0.0%
0.0%
0.0%
7.3%
9.3%
8.5%
12.3%
11.9%
7.3%
9.3%
8.5%
12.3%
11.9%
0%
2%
4%
6%
8%
10%
12%
14%
Q2 2025
Aaa
Aa1
Q3 2025
Aaa
Aa1
Q4 2025
Aaa
Aa1
Q1 2026
Aaa
Aa1
Q2 2026
Aaa
Aa1
Chart 8 :
OC consistent with covered bond rating vs. Current OC
OC needed
Surplus OC
Current OC
Covered Bond Rating
CB Anchor

VII. Cover Pool Information - Public Sector Assets
Overview
Specific Loan and Borrower characteristics
Asset type:
Public Sector
Repo eligible loans / bonds:
71.5%
Asset balance:
11,464,097,075

Percentage of fixed rate loans / bonds:
90.1%
WA remaining Term (in months):
149

Percentage of bullet loans/ bonds:
17.8%
Number of borrowers:
1,224

Loans / bonds in non-domestic currency:
2.2%
Number of loans / bonds:
3,742

Performance
Exposure to the 10 largest borrowers:
16.7%
Loans / bonds in arrears ( ≥ 2months - < 6months):
0.0%
Average exposure to borrowers:
9,366,092

Loans / bonds in arrears ( ≥ 6months - < 12months):
0.0%
Loans / bonds in arrears ( ≥ 12months):
0.0%
Loans / bonds in a foreclosure procedure:
0.0%
Table A : Borrower type by country
Germany
Austria
France
Other
Totals
Direct claim against supranational
0.0%
0.0%
0.0%
0.0%
0.0%
Direct claim against sovereign
0.0%
3.4%
0.0%
0.4%
3.9%
Loan with guarantee of sovereign
0.2%
0.0%
0.3%
3.3%
3.8%
Direct claim against region/federal state
5.2%
0.0%
0.0%
1.2%
6.4%
Loan with guarantee of region/federal state
5.1%
0.0%
0.9%
0.4%
6.4%
Direct claim against municipality
54.6%
0.0%
0.0%
0.1%
54.7%
Loan with guarantee of municipality
4.1%
0.0%
1.0%
0.4%
5.5%
Others
18.0%
0.0%
0.3%
1.0%
19.4%
87.3%
3.4%
2.4%
6.8%

Norddeutsche Landesbank GZ - Public-Sector Covered Bonds
Page 3
Table A and Chart C are based on debtor data. Charts D, E and F are based on guarantor data or, on unavailability of such information, on debtor data, as reported by the issuer.
10 August 2026
Public Sector
Assets, 95.6%
Chart B:
Percentage of public sector assets
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
90
100
Cum Pool Volume
Number of Borrowers
Chart C:
Borrower concentration
50.8%
8.2%
7.3%
6.6%
4.1%
3.9%
3.8%
3.1%
3.0%
2.8%
2.5%
2.4%
0.5%
0.4%
0.3%
0.2%
0%
10%
20%
30%
40%
50%
60%
Chart E:
Main country regional distribution
Aaa, 91.2%
Aa1, 3.9%
Aa3, 3.0%
A1, 1.4%
A2, 0.2%
A3, 0.0%
Baa2, 0.3%
Chart D:
Pool distribution by country exposure rating
COVERED BONDS
90.0%
0.7%
0.4%
0.1%
0.0%
3.4%
0.4%
0.0%
2.4%
0.5%
1.4%
0.2%
0.0%
0.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Chart F:
Distribution by country exposure, rating

VIII. Cover Pool Information - Supplementary Assets
Overview
Specific Loan and Borrower characteristics
Asset type:
Supplementary Assets
Repo eligible assets:
42.9%
Asset balance:
525,000,000

Percentage of fixed rate assets:
100.0%
WA remaining Term (in months):
32

Percentage of bullet assets:
100.0%
Number of assets:
39

Assets in non-domestic currency:
0.0%
Number of borrowers:
12

Performance
Average assets size:
13,461,538

Assets in arrears ( ≥ 2months - < 6mont
0.0%
Average exposure to borrowers:
43,750,000

Assets in arrears ( ≥ 6months - < 12mon
0.0%
Assets in arrears ( > 12months):
0.0%
Assets in a enforcement procedure:
0.0%

Norddeutsche Landesb