Sustainability-Linked Loans financing Bonds

Financing sustainability-linked loans (SLLs) to accelerate corporate sustainability transitions

Beyond financing project-specific loans, NIB supports corporate sustainability transformations through Sustainability-linked Loans (SLLs). These loans help companies cut emissions across their entire value chain, particularly by addressing Scope 3 emissions, which often represent the largest share of a company’s carbon footprint.

To give investors a direct way to back this transition, we have established the NIB Sustainability-linked Loans financing Bond Framework. This framework complements and expands our sustainability offering—supporting clients in their transition efforts while enabling our investors to engage directly in the decarbonisation pathways of Nordic–Baltic companies.

SLLB ISSUED IN 2025
SEK1.75 bn 5-yr bond

NIB SLLB framework

SLLB Framework

We have created a Sustainability-linked Loans financing Bond Framework (SLLB Framework) to finance the Bank’s portfolio of sustainability-linked loans (SLLs). Under this framework, NIB can issue Sustainability-linked Loan Bonds (SLLBs).

SLLBs are bonds where proceeds are applied exclusively to finance or refinance loans from the SLL Eligible Portfolio. The framework is fully aligned with the ICMA Sustainability-Linked Loans Financing Bond Guidelines (SLLBG).

The NIB SLLB Framework follows Approach 1 of the SLLBG, with eligibility criteria mapped to the five core components of the Sustainability-Linked Loan Principles. KPI and SPT assessments are made at the framework level rather than for individual loans. NIB also discloses the names of clients in its SLL Eligible Portfolio.

The framework is built around a single objective: Reducing climate change impacts.

Each SLL is assessed with an environmental mandate rating, ranging from Excellent to Negative. The evaluation considers the materiality, ambition, and credibility of the associated KPIs and SPTs.

Summary of NIB’s Guidelines for Rating SLLs

Management of Proceeds:

Proceeds from SLLBs are held in a separate portfolio until allocated to eligible loans, and only to the drawn portion of each facility. These bonds are issued under NIB’s standard debt issuance programmes.

Reporting:

NIB publishes an annual report on the SLL Eligible Portfolio, including KPI performance and progress towards targets. This information is made available on the NIB website.

Second Opinion:

NIB has obtained a Second Opinion from S&P Global Ratings, confirming alignment with the SLLBG (ICMA/LMA, 2024 with June 2025 Annex) and conceptual alignment with the Green Bond Principles (ICMA, 2025).

Second Opinion

SLLB transactions

Currency	Amount in millions	EUR million equivalent	ISIN	Settlement date	Maturity date	Press release
SEK	1,750	159	XS3190713696	26.9.2025	26.9.2030	NIB issues inaugural Sustainability-Linked Loans financing Bond (SLLB) as first SSA issuer. Read the press release here

Reporting

NIB publishes an annual report on the SLL Eligible Portfolio, including KPI performance and progress towards targets. This information is made available on the NIB website. The first reporting on SLLBs will be published in NIB’s Annual Report 2025.

INVESTORS

SLL Eligible Portfolio

We provide our investors with an overview of the loan financed from the proceeds of NIB Sustainability-linked Loans financing Bonds. The information will be updated here soon, when the proceeds from NIB’s first SLLB have been allocated.