8 Jan 2021

NIB launches five-year GBP 600 million benchmark

On 7 January, NIB priced a five-year GBP 600 million issue. The transaction was NIB's largest ever new sterling benchmark, with the final orderbook reaching over GBP 800 million.

“We are very happy to open the 2021 funding year with a very strong and broad distributed GBP deal. Our experience is that there is really good liquidity in the sterling market at the beginning of a year, so it’s always good to tap that space at this time. GBP 600 million is the largest sterling deal size we have ever done in one single trade”, says Mr Jens Hellerup, Senior Director, Head of Funding and Investor Relations at NIB.

The transaction enjoyed exceptionally strong reception from the outset. In terms of geographical distribution, it was well-diversified across UK (88%), EMEA (excl. UK) (7%) and Asia accounts (5%). In terms of investor type, Banks led the way taking 63% of final allocations, with material participation from Fund Managers, Insurance & Pension Funds (30%) and Central Banks (7%).

See a joint press release on the bond transaction (PDF).

Bond summary terms  
Issuer: Nordic Investment Bank
Rating: Aaa / AAA by Moody's / S&P
Issue amount: GBP 600 million
Coupon: 0.125% p.a.
Launch date: 07 January 2021
Payment date: 14 January 2021
Maturity date: 15 December 2026
Re-offer spread: UKT +24bps
Listing: Nasdaq London
Joint lead managers: Nomura, RBCCM, TD
ISIN: XS2284257701

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