NIB issues new global USD 1 billion bond 

This is NIB’s third USD global issue of USD 1 billion, the first one having been in December 2002, with a 3-year maturity and the second in April 2003, with a 5-year maturity. Factors contributing to the great success of this issue include the optimal size of USD 1 billion, the rarity, the Aaa/AAA rating and the borrower’s excellent credit story. Prior to pricing, the order book was comfortably over-subscribed, with the lead managers working on a pot basis, and 49 investor orders.

The geographical distribution was as follows: non-Japan Asia 51%, Japan 10%, Middle East and Africa 16%, Europe 8%, North America 15%. The distribution by investor type: central banks 69%, funds 6%, pension and insurance 10%, banks 15%.