12 Jan 2022
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|
|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)|
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, email@example.com
Ms Angela Brusas, Director, Funding and Investor Relations, at +358 961 811 403, firstname.lastname@example.org
Mr Alexander Ruf, Director, Funding and Investor Relations, at +358 961 811 402, email@example.com