contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


change-of-base-rate-margin-for-some-exchange-traded-products-2

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

Nordea is a banking company. The company offers a range of financial services, aimed at both private and corporate customers, including traditional asset management, loan financing and pension savings. In addition, it also offers advice and security insurance, as well as currency management. Nordea has the largest operations in the Nordic and Baltic countries. The company was founded in 1997 and its headquarters are located in Helsinki.

Yep. You can also think of it this way: a 3% growth in risk-weighted assets requires a 3% growth in own funds to keep the capital adequacy ratio unchanged. A 3% growth in equity is achieved with a 20% payout ratio and a return on equity of around 15%. Of course, this is a simplified calculation, as the growth in risk-weighted assets hardly ever matches business growth, and calculating own funds within the CET1 framework involves all sorts of complexities. But according to the company itself, the amount of risk-weighted assets should grow at about the pace of the loan book during the strategy period (source: CMD), so that math should serve as a pretty good rule of thumb. Then, when factoring in all potential impacts on capital adequacy, based on current information, I consider that average 80% level to be closer to the upper than the lower end of a realistic range. For example, for 2027, my payout forecast is lower than that due to a pause in share buybacks. But as you said yourself, these changes have only a one-off effect. The risk, of course, is that regulation will systematically tighten capital requirements in the future, but given the European Commission’s initiatives to rather dismantle regulation, I don’t see this as a particularly likely scenario. Internal models, of course, seem to be under scrutiny now and are subject to regulatory tightening as well (e.g., CRR3 regulations). From this write-up, it’s probably easy to understand why assessing the development of capital adequacy is relatively difficult and isn’t always successful even for the banks themselves. In any case, based on current information, an 80% payout ratio is, in my opinion, a good estimate for Nordea, especially over the longer term.

A potential increase in capital adequacy requirements is a so-called one-off item. However, the growth rate of the loan portfolio—assuming that the structure/risks remain the same—represents an ongoing requirement to retain part of the earnings on the balance sheet. If the loan portfolio is 400 billion, a 3% growth means 12 billion, and the corresponding capital requirement would be 100% - 80% = 20% of the earnings?

Under the current capital requirements and my growth forecasts, Nordea can distribute around 80% of its earnings and keep its capital adequacy (CET1 ratio) unchanged. This estimate includes a small buffer against rising risk weights. I have assumed no changes to the actual capital requirement itself. I have assumed the loan portfolio will grow by an average of around 3% per year. In other words, I consider an 80% payout ratio to be the best estimate, and the actual figure may fluctuate slightly in either direction depending on the development of risk weights required by regulators/regulations, growth, and the company’s own actions (e.g., Significant Risk Transfer instruments designed for credit risk transfer). Here is also a list of the material changes to capital adequacy that I am aware of:  Negative impact on Nordea’s capital adequacy from the new corporate exposure credit risk models, estimated during 2027 (communicated in Q3’26, but the estimated magnitude was not disclosed) Updates to the internal ratings-based models for retail customers will have a positive impact on Nordea’s capital adequacy (part of the positive impact estimated by management had already been realized by Q3’26) The aggregate output floor set by the CRR3 regulatory package will reduce the benefits provided by internal models and lower capital adequacy by the 2030s at the latest (Nordea has not commented on its estimated total impact)

Here is Jussi Halme’s video about Nordea   Are there hidden risks behind Nordea’s excellent earnings that investors haven’t noticed yet? In this video, we dive into Nordea’s Q3 2026 report and break down the numbers that aren’t highlighted in the official releases. We take a closer look at what happens if risk-weighted assets increase by 4–5 billion euros, how a 40-basis-point margin holds up under pressure, and why the growth in assets under management warrants a closer look. No useless jargon, just raw number crunching and analysis!

Aki wrote his Sunday column about Nordea   “Rising interest rates improve bank earnings”. “Rising interest rates weigh on stock prices”. Once you’ve learned these two sentences, you have a solid foundation to become a talking head in the financial markets. Add the slightly more advanced “Rising interest rates weaken credit demand” to your repertoire, and you’re already well on your way to becoming quite the banking guru. I’ve seen all three being used to comment on the share price of Nordea, which published its Q3 results on Thursday. However, this time the real tune turned out to be: “Freezing share buybacks pushed the Seal underwater”.                    Sijoitustieto.fi              Norppa sukelsi    ”Korkojen nousu parantaa pankkien tulosta”. ”Korkojen nousu painaa osakekursseja”. Nämä kaksi lausetta opeteltuaan on hyvät edellytykset finanssimarkkinoiden puhuvaksi pääksi. Vielä kun ottaa repertuaariin vähän edistyksellisemmän ”Korkojen nousu...

Yeah, I know that of course, but I didn’t feel like getting deeper into things here, since that would take half a year (in my own economics studies last millennium, these were only briefly touched upon). If anyone is interested in this stuff, they can certainly look into thousands of pages of documents on their own, from the origins and foundations of Basel III all the way to why regulations have been created. Still, no man-made system works without design flaws, but over the years they tend to get ironed out, a bit like how a car factory prototype isn’t quite the same as a model that’s been in production for 20 years. Especially since shady dealings have occasionally occurred in banks, too. (Though what I find funniest is that almost any former politician can end up appointed to lead national central banks, don’t you think?) The latest trend, though, is to try and simplify regulations… Indeed, the Financial Supervisory Authority supervises, and the ECB supervises financial supervision in accordance with the SSM. Then there is this institution, for example. Perhaps the simplest thing to say is that, in principle, Nordic financial institutions at least don’t have problems—they have plenty of money.                   iif.com              Institute of International Finance | IIF    As the leading global association of the financial industry, the IIF provides innovative research, global advocacy and leading industry events for its members.

The Financial Supervisory Authority (FIN-FSA) does not make regulations or laws itself; it merely supervises specific aspects of financial institutions within the powers granted to it. For certain ambiguous legal provisions, the FIN-FSA has issued specifying guidelines in its regulations and guidelines collections on how the matter should be interpreted and implemented in companies, but even in those cases, the FIN-FSA is constrained by current legislation, such as the Act on the Financial Supervisory Authority. Part of the regulations concerning financial institutions comes directly from the European Commission through binding regulation. Some of what comes from there are “recommendations,” which national legislators implement into their own legislation—in Finland, that work is done by Parliament. Limited liability companies also have “solvency” requirements, i.e., conditions under which a company must be placed into liquidation. Banks and insurance companies have their own specific regulations regarding that. This is quite a simplification; there is more to the topic.

Nordea

Due to increased lending cost in the underlying asset Tobii AB, Nordea will increase the Base Rate Margin of all affected Bear Certificates. The Base Rate Margin of Bear Certificates with Leverage...

<p>Due to increased lending cost in the underlying asset Tobii AB, Nordea will increase the Base Rate Margin of all affected Bear Certificates. The Base Rate Margin of Bear Certificates with Leverage Factor -1 will increase to 21,5%, Bear Certificates with Leverage Factor -2 will increase to 42,5% and Bear Certificates with Leverage Factor -3 will increase to 63,5%. The change will be in effect from October 28, 2026. All affected instruments can be found in below list:<br><br></p> <table><tbody><tr><td>ISIN</td><td>Instrument</td></tr><tr><td>SE0026588816</td><td>BEAR TOBI X1 NDA S</td></tr><tr><td>SE0026588808</td><td>BEAR TOBI X2 NDA S</td></tr><tr><td>SE0026872814</td><td>BEAR TOBI X3 NDA S1</td></tr><tr><td>SE0028786236</td><td>BEAR TOBI X3 NDA S2</td></tr></tbody></table> <p>The affected instruments have been issued under Nordea’s base prospectuses dated December 13, 2024; and December 12, 2025.</p> <p>    <strong>Attachment</strong></p><ul>            <li>        <a href="https://ml-eu.globenewswire.com/Resource/Download/1b47591b-0966-4049-9bd1-621ecfc8e6d2">Börsmeddelande Tobii</a>      </li>      </ul><img alt="" src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMTI4MDEyNiM0MDI1MzM4NTcjMjAyOTM3OQ=="> <br><img alt="" src="https://ml-eu.globenewswire.com/media/Yjc5MzEzNDAtMzhmYS00NWRiLTliNzEtMDEwNmZiYWUxNjc1LTEwNDA5NTAtMjAyNi0xMC0yNy1lbg==/tiny/Nordea-Bank-Abp-.png">

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Change of base rate margin for some exchange traded products

Change of base rate margin for some exchange traded products

ISIN	Instrument
SE0026588816	BEAR TOBI X1 NDA S
SE0026588808	BEAR TOBI X2 NDA S
SE0026872814	BEAR TOBI X3 NDA S1
SE0028786236	BEAR TOBI X3 NDA S2