NIB issues SEK 2bn green bond, covering all Nordic-Baltic currencies in 2025
On 18 June, the Nordic Investment Bank (NIB) priced a SEK 2 billion five-year NIB Environmental Bond (NEB). With this transaction, NIB has now issued environmental bonds in all its member countries’ currencies—ISK, DKK, EUR, NOK and SEK—in the same year. This also marks the year when NIB surpassed EUR 10 billion in total NEB issuance since launching its green bond framework in 2011.
Returning to the market ahead of summer, NIB took advantage of a quieter primary window and executed the intraday transaction at a spread of SEK midswap +21 basis points. Strong demand from Swedish investors, supported by participation from Asia, enabled the Bank to increase the transaction size from SEK 1 billion to SEK 2 billion. The bond carries an annual coupon of 2.468% and matures on 26 June 2030.
“We are pleased to return to the SEK green bond market and to see such solid support from investors,” says Jens Hellerup, Head of Funding and Investor Relations at NIB. “With this transaction, we have now issued NEBs in all our member countries’ currencies in 2025—a milestone year that also sees us surpass EUR 10 billion in cumulative green issuance since 2011.”
The issue attracted high-quality domestic demand, with Asset Managers accounting for 57% of allocations, followed by Banks and Bank Treasuries (24%), Insurance (12%), and Pension Funds (7%). The majority of orders came from Sweden, with 1.5% placed by Asian investors.
Nordea and SEB acted as joint lead managers for the transaction.
“Nordea Asset Management is proud to have participated in NIB’s first SEK Green transaction of the year. NIB has always been at the forefront of sustainable bond market development, and our continued engagement is done on the basis of NIB’s strong environmental due diligence, its comprehensive framework and impact reporting as well as the institution’s ambitious climate commitments”, says Jerk Matero, Head of Fixed Income Sweden, Nordea Asset Management
With this transaction, NIB has raised approximately EUR 6.3 billion in 2025 toward its annual funding target of EUR 8.0–9.0 billion. Proceeds will be used to finance projects and activities providing environmental benefits and other environmental purposes (“Environmental Projects”) in line with the Bank’s NEB framework.
| Bond summary terms | |
| Issuer: | Nordic Investment Bank |
| Rating: | Aaa / AAA by Moody’s / S&P |
| Issue amount: | SEK 2 billion |
| Coupon: | 2.468%, Annual |
| Launch date: | 18 June 2025 |
| Payment date: | 26 June 2025 |
| Maturity date: | 26 June 2030 |
| Re-offer price: | 100.00% |
| Re-offer yield: | 2.468% |
| Spread: | SEK midswap +21bps |
| Listing: | Nasdaq Helsinki |
| Joint lead managers: | Nordea and SEB |
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances sustainable private and public projects in and outside its member region and holds the highest possible credit rating, AAA/Aaa, from S&P and Moody’s.
For further information, please contact:
Jens Hellerup, Senior Director, Head of Funding and Investor Relations
+358 961 811 401 | jens.hellerup@nib.int
Angela Brusas, Director, Funding and Investor Relations
+358 961 811 403 | angela.brusas@nib.int
Alexander Ruf, Director, Funding and Investor Relations
+358 961 811 402 | alexander.ruf@nib.int