Bond Euro Investment Bank 0% ( NO0010895493 ) in NOK

Euro Investment Bank

100 % ▼

Luxembourg

NO0010895493 ( in NOK )

21/10/2025

Prospectus brochure of the bond European Investment Bank (EIB) NO0010895493 en NOK 0%, maturity 21/10/2025

2 000 000 NOK

3 000 000 000 NOK

The European Investment Bank (EIB) is the European Union's long-term lending institution, financing projects that contribute to EU policy objectives.

The Bond issued by Euro Investment Bank ( Luxembourg ) , in NOK, with the ISIN code NO0010895493, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 21/10/2025

Offering Circular

European Investment Bank
NOK 3,000,000,000 Floating Rate Bonds 2020/2025
This offering circular (the "Offering Circular") is prepared in relation to the issuance by the European Investment Bank ("EIB")
of NOK 3,000,000,000 Floating Rate Bonds 2020/2025 at an issue price of 107.505 per cent. of their nominal amount (the
"Bonds").
Application has been made to the Luxembourg Stock Exchange for the Bonds to be admitted to the official list of the Luxembourg
Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market. The
Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of Directive 2004/39/EC of the European
Parliament and of the Council on markets in financial instruments.
Investors should take note that this Offering Circular has not been prepared in accordance with the Regulation (EU) 2017/1129
of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to
the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (the "Prospectus Regulation").
In many countries it is unlawful to offer securities for sale without complying with such jurisdiction's applicable laws and
regulations. Accordingly, this Offering Circular may not be used for the purpose of, and does not constitute, an offer to sell or
issue, or a solicitation of an offer to buy or apply for, any Bonds in any jurisdiction in any circumstances in which such offer or
solicitation is not lawful or authorised or where specific action would be required by the EIB. Investors should inform themselves
about such laws and regulations.

The Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or
with any securities regulatory authority of any state or other jurisdiction in the United States. Accordingly, the Bonds may not be
offered, sold or delivered within the United States (or to any U.S. person) unless pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act. The Bonds are being offered and sold only outside the United
States to persons other than "U.S. persons" in reliance on Regulation S under the Securities Act. As used herein, the terms "United
States" and "U.S. person" have the meanings given to them in Rule 902 of Regulation S under the U.S. Securities Act. For more
details, see "Subscription and Sale".

Arrangers

DNB BANK ASA SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

The date of this offering circular is 19 October 2020.

CONTENTS
NOTICE TO READERS .................................................................................................................................... 3
SUMMARY DESCRIPTION OF THE BONDS ................................................................................................ 4
RISK FACTORS ................................................................................................................................................ 6
TERMS AND CONDITIONS OF THE BONDS ............................................................................................... 7
SUBSCRIPTION AND SALE ..........................................................................................................................12
THE EUROPEAN INVESTMENT BANK ......................................................................................................14
GENERAL INFORMATION ............................................................................................................................19

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NOTICE TO READERS
This document contains all the information that the EIB has authorised to be published concerning the Bonds.
Any information not contained herein must not be relied upon as having been authorised by the EIB, the
Arrangers or any relevant dealer. This document does not constitute an offer of, or an invitation to purchase,
the Bonds.
Please note that the EIB is exempt from the Prospectus Regulation due to its legal status. Chapter 1 Article 1
(2)(b) of the Prospectus Regulation provides that the Prospectus Regulation does not apply to non-equity
securities issued by public international bodies of which one or more Member States are members. The
European Investment Bank is a public international body established by the Treaty on the Functioning of the
European Union whose members are the 27 member states of the European Union. Thus, Investors should take
note that this Offering Circular has not been prepared in accordance with the Prospectus Regulation. Hence this
Offering Circular should not be regarded as a prospectus as defined in the Prospectus Regulation.
No action has been or will be taken in any jurisdiction other than Norway that would permit a public offering
of the Bonds, or possession or distribution of this Offering Circular or any other information material, in any
country or jurisdiction where action for that purpose is required. Accordingly each relevant dealer will be
required to undertake that it will not, directly or indirectly, offer or sell any of the Bonds or distribute or publish
this Offering Circular or any other information material in any country or jurisdiction except in compliance
with all applicable laws and regulations.

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SUMMARY DESCRIPTION OF THE BONDS
The following is a summary only. For full details, refer to the appropriate section elsewhere in this document.
European Investment Bank NOK 3,000,000,000 Floating Rate Bonds 2020/2025
Issuer:
European Investment Bank ("EIB"), 98-100, boulevard Konrad
Adenauer L-2950, Luxembourg, Grand Duchy of Luxembourg
Arrangers:
DNB Bank ASA, Dronning Eufemias gate 30, N-0191 Oslo,
Norway
Skandinaviska Enskilda Banken AB (publ), Kungsträdgårdsgatan
8, SE-106 40 Stockholm, Sweden
Fiscal Agent and Calculation Agent:
Skandinaviska Enskilda Banken AB (publ), Oslo Branch, Filipstad
Brygge 1, NO-0123 Oslo, Norway
Luxembourg Listing Agent:
Banque Internationale à Luxembourg S.A., 69, route d'Esch,
L-2953 Luxembourg, Grand Duchy of Luxembourg
Aggregate Principal Amount:
NOK 3,000,000,000
Tranche/Issue:
The Bonds are issued in tranches (each a "Tranche") consisting of
Bonds which are identical in all respects. One or more Tranches,
which are expressed to be consolidated and form a single series and
are identical in all respects, but having different issue dates, interest
commencement dates, issue prices and/or dates for first interest
payments, may form a series ("Series") of Bonds. Further Bonds
may be issued as part of an existing Series.
Issue Price:
107.505 per cent.
Issue Date:
21 October 2020
Maturity Date:
21 October 2025
Denomination:
The Bonds are issued in denominations of NOK 2,000,000.
Security Code(s):
ISIN: NO 0010895493
Common code: 224398441
Interest:
Floating rate: 3 month NIBOR + 1.500 per cent. per annum.
Registration and Listing:
The Bonds will be issued in the form of dematerialised bonds
registered in and held with Verdipapirsentralen ASA (trading as
`Euronext VPS') ("Euronext VPS"). Euronext VPS is the only
Norwegian centralised securities depository, and operates a
computerised book-entry system in which the ownership of, and all
transactions relating to, registered securities are recorded. All
transactions relating to securities registered with Euronext VPS are
made through computerised book entries. Euronext VPS confirms
each entry by sending a transcript to the registered holder
irrespective of beneficial ownership. To effect such entries, the
individual holder of securities must establish a VPS securities
account with an authorised account operator, which is usually a
bank or an investment firm licensed to operate in Norway. It is
possible for beneficial owners to register their holdings of securities
on the account of a nominee approved by the Financial Supervisory

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Authority of Norway. Both Norwegian and foreign banks and
investment firms may be authorised to act as nominees.
The entry of a transaction in Euronext VPS is prima facie evidence
for determining the legal rights of the holder of a security as against
the issuer or any third party claiming an interest in the relevant
security.
Application has been made to the Luxembourg Stock Exchange for
the Bonds to be admitted to the Official List and to be admitted to
trading on the Luxembourg Stock Exchange's regulated market.
Payment and Settlement:
Settlement of purchase and sale transactions takes place on a
registration against payment basis. The Bonds will be created and
held in uncertificated book-entry form in accounts with Euronext
VPS and title to the Bonds will be evidenced by book-entry
interests in accordance with the provisions of applicable legislation
and regulations for Euronext VPS as amended and supplemented
from time to time, and no physical document of title will be issued
in respect of the Bonds. The first issue of the Bonds will be settled
for value on 21 October 2020.
Payment of interest and principal to the holder of the Bonds will be
made through the Fiscal Agent (as defined below) by credit to the
cash accounts linked to each holder's Euronext VPS account.
The Bonds will also be eligible to be held in nominee accounts held
through international central securities depositories ("ICSDs").
ICSDs mean Euroclear Bank SA/NV and Clearstream Banking
S.A., Luxembourg. Payments on Bonds held in ICSD nominee
accounts will be made to the ICSDs for further distribution to the
holders.
Redemption and Purchase of the
Unless previously purchased and cancelled, the Bonds shall be
Bonds by the EIB:
redeemed at their outstanding Aggregate Principal Amount on the
Maturity Date.
The EIB may at any time purchase the Bonds in the open market or
otherwise at any price. Any of the Bonds so purchased may be held,
sold or cancelled at the EIB's discretion.
Status of the Bonds:
Senior unsecured and unsubordinated. See "Terms and Conditions
of the Bonds - Status".
Negative Pledge:
None.
Cross-default:
The Bonds will be issued with the benefit of the EIB's standard
cross-default clause. See "Terms and Conditions of the Bonds -
Events of Default".
Governing Law:
Norwegian law.
Selling Restrictions:
There are restrictions on the sale of the Bonds and the distribution
of offering material in various jurisdictions. See "Subscription and
Sale".

5

RISK FACTORS
This section does not describe all the risks of an investment in the Bonds. Prospective purchasers should consult
their own professional advisers about the risks associated with investment in the Bonds and the suitability of
investing in the Bonds in the light of their particular circumstances.
General risk factors
Secondary market prices of bonds are affected by many factors, including prevailing interest rates and
expectations thereof. Bonds - especially long-dated bonds - may therefore trade periodically at prices below
their issue prices, implying a loss for the bondholders who dispose of bonds prior to their stated maturity. In
addition, the bondholders may find it difficult to sell bonds prior to their stated maturity at a price that reflects
the bondholders' opinion of the "fair value" of the bonds. They may find that no dealer, or only the dealer from
whom they originally bought the bonds, is prepared to quote a price to buy the bonds in the secondary market.
This is likely to be the case to a greater extent for bonds with a relatively small aggregate outstanding amount.
Historical values should not be taken as an indication of future values.
An investment in the Bonds also involves taking credit risk on the EIB. As of the date of this Offering Circular,
the EIB has a long term rating Aaa/AAA/AAA for Moody's Investors Service, Standard & Poor's Rating
Services and Fitch Ratings respectively. The EIB cannot guarantee that these ratings will be maintained
throughout the term of the Bonds. It should be noted that a credit rating is not a recommendation to buy, sell or
hold securities issued by the rated entity, and may be subject to suspension, reduction or withdrawal at any time
by the assigning credit rating agency.
Investors should take note that the risks associated with the investment can change substantially throughout the
term of the Bonds.
Potential impact of benchmark discontinuation on the Bonds
Reference rates and indices, including interest rate benchmarks, such as the Norwegian Interbank Offered Rate
("NIBOR"), which are used to determine the amounts payable under financial instruments or the value of such
financial instruments ("Benchmarks"), are, and are anticipated to be, the subject of regulatory reform and
changes which may cause a Benchmark to perform differently than it has done in the past or to be discontinued.
Any change in the performance of a Benchmark or its discontinuation, could have a material adverse effect on
the value of, and return on, any Bonds referencing or linked to such Benchmark, including the Bonds.
Furthermore, even prior to the implementation of any changes, uncertainty as to the nature of alternative
reference rates and as to potential changes to such Benchmark may adversely affect such Benchmark during the
term of the Bonds, the return on the Bonds and the trading market for securities based on the same Benchmark.
The "Terms and Conditions of the Bonds" provide for certain fallback arrangements in relation to interest
calculations for Floating Rate Bonds in the event that a published Benchmark, including an inter-bank offered
rate such as NIBOR, (including any page on which such Benchmark may be published (or any successor
service)) becomes unavailable. In relation to the Bonds, the ultimate fallback for the purposes of calculation of
interest for a particular interest period is based on a determination of the interest rate to be made by the
Calculation Agent in its absolute discretion. There can be no assurance that the exercise of this discretion by
the Calculation Agent as to the interest rate to be used for any such interest period will not have an adverse
effect on the value of, and return on, the Bonds.
Investors should consider these matters when making their investment decision with respect to the Bonds.

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TERMS AND CONDITIONS OF THE BONDS
The following are the terms and conditions (the "Conditions") that shall be applicable to the Bonds issued
under the VPS fiscal agency and registrar agreement, dated 4 May 2012 (the "Agency Agreement") between
the EIB and Skandinaviska Enskilda Banken AB (publ), Oslo Branch (the "Fiscal Agent" and the "Calculation
Agent").
Issue Number:
2478/0100
Security Code(s):
ISIN: NO 0010895493
Common code: 224398441

Principal Amount:
NOK 3,000,000,000.
The Bonds are open for further issues without a fixed maximum amount
and without the consent of the holders of the Bonds. If an issue is
intended to be consolidated and form a single series with an existing
issue, its terms will be identical to the terms of that existing issue save,
inter alia, in respect of the principal amount, issue date, interest
commencement date, first interest payment date, accrued interest (if any)
and issue price.
Issue Date:
21 October 2020
Maturity Date:
21 October 2025, subject to adjustment in accordance with the Business
Day Convention and Business Day Centre(s) specified below.
Amount due at the Maturity Date:
Principal Amount at par.
Issue Price:
107.505 per cent. of its Principal Amount.
Form and Registration:
Euronext VPS registered dematerialised form.
Settlement of the Bonds will be effected against payment and
registration with Euronext VPS. The Bonds will be registered with
Euronext VPS in denominations of NOK 2,000,000.
Interest:
Floating rate.
(i)
Interest Rate(s):
3 month NIBOR + 1.500 per cent. per annum.
(ii)
Reference Rate:
Norwegian interbank offered rate, as determined pursuant to (viii) below.
(iii)
Interest Commencement Issue Date.
Date:
(iv)
Interest Period End
Interest Payment Dates. When counting the number of days in any
Date(s):
period, the first day of that period shall be included, but not the last.
(v)
Interest Payment
21 January, 21 April, 21 July and 21 October in each year, commencing
Date(s):
on 21 January 2021, up to and including the Maturity Date, subject in
each case to adjustment in accordance with the Business Day
Convention specified below.

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"Business Day" means any day (other than a Saturday or a Sunday) on
which the Trans-European Automated Real-time Gross Settlement
Express Transfer System ("TARGET") is open and commercial banks
and foreign exchange markets are open for general business and to settle
payments in Oslo.
(vi)
Business Day Centre(s): Oslo and TARGET.
(vii)
Business Day
Modified Following: If a payment is due on a date which would
Convention:
otherwise fall on a day that is not a Business Day, then that date shall be
postponed to the first following day that is a Business Day unless that
day falls in the next calendar month, in which case that date shall be
brought forward to the first preceding day that is a Business Day.
(viii)
Manner in which the
The Reference Rate for a Reset Date shall be 3 month NIBOR which
Reference Rate(s) is/are appears on the Screen Page as of the Interest Determination Time,
to be determined:
provided that if such rate does not appear on the relevant Screen Page,
the Reference Rate for that Reset Date shall be determined based on
quotations from the Reference Banks.
In case of quotations from Reference Banks, the Reference Rate for a
Reset Date will be determined on the basis of the rates at which deposits
in the Relevant Currency are offered by the Reference Banks at
approximately the Interest Determination Time on the Interest
Determination Date to prime banks in the Reference Market for a period
of the Designated Maturity commencing on that Reset Date and in a
Representative Amount. The Calculation Agent will request each of the
Reference Banks to provide a quotation of its rate. If at least two
quotations are provided, the Reference Rate for that Reset Date shall be
the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that Reset Date will be the arithmetic
mean of the rates quoted by major banks in Oslo at approximately the
Interest Determination Time on that Reset Date for loans in the Relevant
Currency to leading European banks for a period of the Designated
Maturity commencing on that Reset Date and in a Representative
Amount. However, if fewer than two such banks are so quoting to
leading European banks, the Reference Rate shall be determined by the
Calculation Agent in its absolute discretion.
(ix)
Screen Page:
Norske Finansielle Referanser AS' webpage or any successor page.
(x)
Reference Banks:
Four major banks selected by the EIB which are active in the Reference
Market.
(xi)
Reset Date(s):
The first day of each interest period. The Interest Rate for each interest
period shall apply with effect from the Reset Date for that interest period.
(xii)
Relevant Currency:
NOK.
(xiii)
Designated Maturity:
3 months.

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(xiv)
Representative Amount: An amount that is representative for a single transaction in the Reference
Market at the Interest Determination Time.
(xv)
Interest Determination
At or around noon Oslo time on each Interest Determination Date.
Time:
(xvi)
Interest Determination
The second Business Day prior to the start of each interest period.
Date:
(xvii)
Reference Market:
The Oslo Interbank market.
(xviii) Margin:
1.500 per cent. per annum.
(xix)
Minimum Interest Rate: Zero per cent. per annum. If the aggregate sum of the Reference Rate
and the Margin is less than zero, the Interest Rate shall be deemed to be
zero.
Accrued Interest:
The Bonds are registered with Euronext VPS and are only traded
together with Accrued Interest thereon.
Interest Accrual Basis:
Actual/360: Interest will be calculated based on the actual number of
days in the period divided by 360.
Status:
The Bonds will be unconditional, direct and general obligations of the
EIB in accordance with the terms for their payment and performance.
The Bonds will rank pari passu with any present or future indebtedness
of the EIB represented by any unsubordinated and unsecured notes or
bonds.
Denomination:
The Bonds will be registered with Euronext VPS in nominal amounts of
NOK 2,000,000.
Commission:
The Arrangers are paid a management and underwriting fee for this
Tranche equal to 0.091 per cent. of the Principal Amount of the Bonds
being issued.
Purchase and Early Redemption:
The Issuer may at any time purchase or otherwise acquire the Bonds in
the open market. The Bonds cannot be, or be required to be, redeemed
prior to their maturity by the holders of the Bonds. The Issuer may
choose to cancel, keep or resell repurchased Bonds.

9

Governing Law and Jurisdiction:
The Bonds are subject to Norwegian legislation, and any disputes arising
out of or in connection with the Bonds shall be brought before Oslo
District Court (Norwegian: Oslo tingrett).
Transferability and Transfer of
The Bonds are freely transferable and negotiable. However, for investors
Title:
subject to other jurisdictions than Norway, reservations are made as to
the legislation of such jurisdictions.
Title to the Bonds will be established or transferred by way of
registration with Euronext VPS, as per the rules of Euronext VPS and
the Norwegian Act of 15 March 2019 No. 6 on Central Securities
Depositories which implements Regulation (EU) No. 909/2014 into
Norwegian law.
Taxation:
Payments will be subject in all cases to any fiscal or other laws and
regulations applicable thereto. Consequently, neither the EIB nor any
fiscal agent will make any additional payments in the event of a
withholding being required in respect of any payment under or in
connection with the Bonds. Neither the EIB nor any fiscal agent shall be
liable to any holder of a Bond or other person for any commissions,
costs, losses or expenses in relation to or resulting from such withholding
or payment.
Delayed Payments under the Bonds The Issuer shall not be liable for any damage or loss caused by a delay
("Force Majeure"):
in payment of principal or interest on the Bonds arising from actual or
imminent war, insurrection, civil commotion, terrorism, sabotage or
natural disasters. Nor shall the Issuer be liable for any damage or loss
caused by a delay in payment of principal or interest on the Bonds arising
from strikes, lockouts, boycotts or blockages, regardless of whether the
Issuer itself is a party to the dispute, and notwithstanding that the dispute
may affect only part of the Issuer's functions. Payment of any principal
or interest on the Bonds delayed as a result of any of the events specified
in this paragraph shall be made to the holders of the Bonds when such
event has ceased to be of effect.
Currency Unavailability:
In case a payment is due to be made in respect of any Bond and payment
in NOK cannot be made due to any circumstance beyond the EIB's
control (including, inter alia, the unavailability of NOK on the
international foreign exchange market, the imposition of exchange
controls, NOK's replacement or disuse or the suspension of its
settlement by any clearing system relevant for payment in respect of any
Bond), the EIB will be entitled, but not obliged, to satisfy its obligations
to the holder of such Bond by making payment in euro or U.S. dollars
(at the option of the EIB) on the basis of the spot exchange rate at which
NOK can be sold in exchange for euro or U.S. dollars, as the case may
be, on the international foreign exchange market at noon, Luxembourg
time, two Business Days prior to the date on which payment is due or, if
such spot exchange rate is not available on that date, on the basis of an
exchange rate (which may be equal to zero) determined by the
Calculation Agent in its absolute discretion. Exercise by the EIB of its

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