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
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)

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