Commentary & Deal Flow

Reoffer: 7yr: MS+13bp / 99.894 / 3.142%
Benchmark: DBR 2.3% Feb-33 @ 96.28 / B+22.6bp / HR 105%

Final Books: Above €2.2bn (incl. €100m JLM)

Launched: 7yr: €1bn @ MS+13bp - Book above €2.2bn (incl. €100m JLM)
Guidance: 7yr: MS+15a

• Issuer: Nordic Investment Bank (NIB)
• Issuer Rating: Aaa/AAA (Moody’s/S&P, both stable)
• Format: Reg S, Bearer, New Global Note, Senior Unsecured, Environmental Bond (NEB)
• Size: €1bn
• Maturity: 30-May-33 (7-year)
• Settlement: 28-May-26 (T+5)
• Coupon: 3.125% Fixed, Annual, ACT/ACT, long first coupon
• Spread: MS+13bps
• Price: 99.894 / 3.142%
• Benchmark: DBR 2.3% Feb-33 +22.6bps (96.28) / HR 105%
• Listing: Nasdaq (Helsinki)
• Denoms: €1k
• Law: English
• Bookrunners: CACIB, Danske Bank, DZ BANK (B&D), Nordea
• ISIN: XS3391770743
• Timing: PRICED - TOE 13.23 CET / 12.23 LDN - FTT immediately
• Target Market: The manufacturer target market (MIFID II product governance) as assessed by the lead managers is retail, eligible counterparties and professionals (all distribution channels)
• UoP: It is intended that the Issuer will apply an amount equal to the proceeds from an offer of such Instruments specifically to finance projects and activities providing environmental benefits and other environmental purposes ("Environmental Projects"), as further described in the Environmental Bond Framework.
• Link to framework: https://www.nib.int/files/bd62e3a9a22f7916b58dcb53f348a366b0666e95/nib-neb-framework-aug2024.pdf