Commentary & Deal Flow

Nordic Investment Bank (NIB) exp Aaa/AAA (s/s) US$1bn (WNG) SEC registered 3y FXD sr unsec notes due 09/04/29. Daiwa/DB/HSBC/RBC joint active books. Denoms: 200,000 x 1,000. Governing Law: New York. Listing: Luxembourg Stock Exchange’s Regulated Market. Taking IOIs, pricing expected 08/26. Settle 09/02 (T+5).
IPTs: SOFR MS+24 area (currently equiv to CT3+6.0).

The Nordic Investment Bank (“NIB”), rated Aaa/AAA by Moody's/S&P (both stable), has mandated Deutsche Bank, Daiwa Capital Markets, HSBC and RBC Capital Markets to lead manage a new 3-year (4 September 2029) USD-denominated benchmark (SEC registered Global format). Pay date 2 September 2026 (T+5). The issue will be launched in the near future, subject to market conditions. Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) are eligible counterparties, professionals (all distribution channels).