NIB launches three-year GBP 500 million benchmark
On 11 January, NIB priced its first transaction of the year – a three-year GBP 500 million Jun-25 benchmark. The issue follows the Bank’s successful opening of last year, a GBP 600 million Dec-26 transaction, and is NIB’s largest GBP orderbook to date.
The transaction enjoyed a great reception from the outset. With orderbooks ultimately closing in excess of GBP 1.5 billion, NIB priced the issue at UKT +33 from initial guidance of UKT +35.
“We are happy to once again start our funding year with a GBP benchmark transaction and to see such a strong and diversified investor interest,” says Jens Hellerup, Head of Funding & Investor Relations at NIB.
In terms of geographical distribution, the transaction was well-diversified across UK (70%), EMEA (excl. UK) (17%), Americas (8%) and Asia accounts (5%). In terms of investor type, Banks led the way with 47% of final allocations, with material participation from Fund Managers (26%), Central Banks / Official Institutions (23%) and Pension Fund / Insurance accounts (4%).
| Bond summary terms | |
|---|---|
| Issuer: | Nordic Investment Bank |
| Rating: | Aaa / AAA by Moody’s / S&P |
| Issue amount: | GBP 500 million |
| Coupon: | 1.125% p.a. |
| Launch date: | 11 January 2022 |
| Settlement date: | 18 January 2022 |
| Maturity date: | 18 June 2025 |
| Re-offer spread: | UKT +33bps |
| Listing: | London Stock Exchange |
| Joint lead managers: | BofA/HSBC/RBC CM (DM/B&D) |
| ISIN: | XS2432857048 |
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Mr Jens Hellerup, Senior Director, Head of Funding and Investor Relations, at +358 961 811 401, jens.hellerup@nib.int
Ms Angela Brusas, Director, Funding and Investor Relations, at +358 961 811 403, angela.brusas@nib.int
Mr Alexander Ruf, Director, Funding and Investor Relations, at +358 961 811 402, alexander.ruf@nib.int