Obligation Nordic Invest Bank 0.01375% ( US65562QAY17 ) en NOK

Nordic Invest Bank

100 % ⇌

Finlande

US65562QAY17 ( en NOK )

0.01375% par an ( paiement annuel )

15/07/2020 - Obligation échue

Prospectus brochure de l'obligation Nordic Investment Bank US65562QAY17 en NOK 0.01375%, échue

10 000 NOK

2 700 000 000 NOK

65562QAY1

La Nordic Investment Bank (NIB) est une banque multilatérale de développement détenue par les pays nordiques et les pays baltes, finançant des projets d'investissement à impact environnemental et sociétal positif dans ses pays membres.

L'Obligation émise par Nordic Invest Bank ( Finlande ) , en NOK, avec le code ISIN US65562QAY17, paye un coupon de 0.01375% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/07/2020

LISTING PARTICULARS
(Comprising a Pricing Supplement dated November 19, 2015,
Prospectus dated June 17, 2015 and
Prospectus Supplement dated June 17, 2015)

Nordic Investment Bank
Medium-Term Notes, Series D
Due Nine Months or More from Date of Issue

NOK 300,000,000 1.375% NOTES DUE July 15, 2020
Issue Price: 101.320% plus accrued interest from July 15, 2015
The Notes will mature at 100% of their principal amount on June 15, 2020. The Notes will constitute a
further issuance of, and be consolidated, form a single issue and be fully fungible with, NIB's outstanding
NOK 1,700,000,000 1.375% notes due July 15, 2020 issued on July 15, 2015. The Notes will not be
redeemable before maturity and will not be entitled to the benefit of any sinking fund.
NIB will pay the principal of and interest on the Notes in Norwegian Kroner. However, you will receive the
principal of and interest on the Notes in U.S. dollars unless you elect to receive such payments in
Norwegian Kroner.
NIB has applied to list the Notes on the Regulated Market of the Luxembourg Stock Exchange in
accordance with the Rules of the Luxembourg Stock Exchange pursuant to Chapter 2 of Part III of the Loi
relative aux prospectus pour valeurs mobilières dated July 10, 2005 (the "Luxembourg Prospectus Act").

Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or determined whether this pricing supplement or the accompanying
prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.

Price
to

Discounts and
Proceeds, before
Public
Commissions
expenses, to NIB
Per Note ..............................
101.320%
0.125%
101.195%
Total ....................................
NOK 303,960,000
NOK 375,000
NOK 303,585,000
The underwriters will also be required to pay (i) accrued interest from (and including) July 15, 2015 to (but
excluding) November 27, 2015 corresponding to NOK 1,521,516.39 and (ii) any interest accrued from
(and including) November 27, 2015 if the Notes are delivered after that date.
The underwriters expect to deliver the Notes to investors on or about November 27, 2015.

J.P. MORGAN
TD SECURITIES

The date of these Listing Particulars is November 19, 2015.

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated June 17,
2015, relating to NIB's US $20,000,000,000 Medium-Term Note Program, Series D, and the
accompanying prospectus dated June 17, 2015, relating to NIB's debt securities and warrants. If the
information in this pricing supplement differs from the information contained in the prospectus
supplement or the prospectus, you should rely on the information in this pricing supplement.
This pricing supplement, together with the accompanying prospectus supplement dated June 17,
2015 and prospectus dated June 17, 2015, fulfills the requirement for a simplified prospectus pursuant to
Chapter 2 of Part III of the Luxembourg Prospectus Act.
References herein to "Norwegian Krone(r)" or "NOK" are to the lawful currency of Norway.
You should read this pricing supplement along with the accompanying prospectus supplement
and prospectus. All three documents contain information you should consider when making your
investment decision. You should rely only on the information provided or incorporated by reference in
this pricing supplement, the prospectus supplement and the prospectus. NIB has not authorized anyone
else to provide you with different information. NIB and the purchasers are offering to sell the Notes and
seeking offers to buy the Notes only in jurisdictions where it is lawful to do so. The information
contained in this pricing supplement and the accompanying prospectus supplement and prospectus is
current only as of its date.
NIB is furnishing this pricing supplement, the prospectus supplement and the prospectus solely
for use by prospective investors in connection with their consideration of a purchase of the Notes. NIB
confirms that:
·
the information contained in this pricing supplement and the accompanying prospectus
supplement and prospectus is true and correct in all material respects and is not misleading;
·
it has not omitted other facts the omission of which makes this pricing supplement and the
accompanying prospectus supplement and prospectus as a whole misleading; and
·
it accepts responsibility for the information it has provided in this pricing supplement and the
accompanying prospectus supplement and prospectus.
The statement made in the preceding sentence is not intended to be a disclaimer or limitation of liability
under the U.S. federal securities laws.
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DESCRIPTION OF THE NOTES
NIB will issue the Notes under the Fiscal Agency Agreement dated as of May 22, 2007, as
amended by an agreement dated October 2, 2009 and as further amended by an agreement dated
December 17, 2010. The information contained in this section and in the prospectus supplement and the
prospectus summarizes some of the terms of the Notes and the Fiscal Agency Agreement. This summary
does not contain all of the information that may be important to you as a potential investor in the Notes.
You should read the Fiscal Agency Agreement and the form of the Notes before making your investment
decision. NIB has filed copies of these documents with the SEC and has filed copies of these documents
at the offices of the fiscal agent and the paying agent.
Notes: NOK
300,000,000
1.375%
Notes due July 15, 2020, to
constitute a further issuance of, and be consolidated,
form a single issue and be fully fungible with, NIB's
outstanding NOK 1,700,000,000 1.375% notes due July
15, 2020 issued on July 15, 2015
Aggregate Principal Amount:
NOK 300,000,000
Issue Price:
101.320% plus accrued interest from (and including)
July 15, 2015 to (but excluding) November 27, 2015
Original Issue Date:
November 27, 2015
Interest Commencement Date:
July 15, 2015
Maturity Date:
July 15, 2020
Specified Currency:
Norwegian Krone
Currency of Payments
USD unless noteholder elects NOK. See also "Payment
of Principal and Interest--Payment Currency--Notes
Denominated in a Currency Other than U.S. Dollars"
below.
Authorized Denominations:
NOK 10,000 and integral multiples thereof
Form and Settlement:
The Notes will be issued in book-entry form under a
master global security, in registered form without
coupons registered in the name of Cede & Co., as
nominee of The Depository Trust Company. Initial
settlement for the Notes will be made by transfer of the
funds followed by release of the Notes by the Fiscal
Agent.
Interest Rate:
1.375% per annum
Interest Payment Dates:
July 15 in each year, starting on July 15, 2016, until and
including the Maturity Date. Any payment required to
be made on a day that is not a Business Day will be
made on the next succeeding Business Day, and no
additional interest shall accrue as a result of such
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delayed payment.
Day Count Fraction:
Act/Act (ICMA)
Regular Record Date:
Fifteen calendar days immediately preceding the Interest
Payment Date.
Business Days:
London, Oslo and New York
Relevant Financial Center:
Oslo
Optional Repayment:
Yes X No
Optional Redemption:
Yes X No
Indexed Note:
Yes X No
Foreign Currency Note:
X Yes No
Purchasers: J.P.
Morgan
Securities
plc and The Toronto-Dominion
Bank
Purchase Price:
101.195% plus 135 days' accrued interest of
NOK 1,521,516.39 from (and including) July 15, 2015
to (but excluding) November 27, 2015
Net Proceeds, after Commissions,
NOK 305,106,516.39
to NIB:
Closing Date:
November 27, 2015
Listing: Luxembourg
Securities Codes:

CUSIP:
65562QAY1
ISIN:
US65562QAY17
Common
Code:
126065205
Fiscal Agent:
Citibank, N.A.
Paying Agent:
Citibank, N.A.
Luxembourg Paying Agent:
BNP Paribas Securities Services, Luxembourg Branch
Calculation Agent:
Citibank, N.A.
Exchange Rate Agent:
Citibank, N.A.
Transfer Agent:
Citibank, N.A.
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Further Issues:
NIB may from time to time, without the consent of
existing holders, create and issue further Notes having
the same terms and conditions as the Notes being offered
hereby in all respects, except for the issue date, issue
price and, if applicable, the first payment of interest
thereon. Additional Notes issued in this manner will be
consolidated with, and will form a single series with, the
previously outstanding Notes.
Governing Law:
The Notes will be governed by, and construed in
accordance with, New York law, except for
authorization and execution of the Notes by NIB and any
other matters required to be governed by the 2004
Agreement and the Statutes of NIB, as amended.
Further Information:
See "General Information Relating to the Luxembourg
Stock Exchange Listing."
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NORDIC INVESTMENT BANK - RECENT DEVELOPMENTS
The information included in this section supplements the information about NIB corresponding to
the headings below that is incorporated by reference in the accompanying prospectus supplement dated
June 17, 2015 and prospectus dated June 17, 2015. To the extent that the information included in this
section differs from the information incorporated by reference in the prospectus, you should rely on the
information in this section.
Between December 31, 2014 and November 19, 2015 NIB has carried out 23 borrowing
transactions in 10 different currencies, in an amount corresponding to Euro 4,136 million of which all are
settled. Repayment of borrowings previously entered into corresponded to Euro 2,461 million. The
maturity profile for new borrowings during this period is set forth in the table below.
Maturity profile for new borrowing

Number of
Amount in

transactions
EUR million
Percentage
1-3 years

5

1,335
32
>3-5 years

7

1,570
38
>5-7 years

3

960
23
>7-10 years

2

71
2
longer than 10 years

6

200
5
Total

23

4,136
100
Provisions for loan losses
Currently there is one loan in non-performing status.
Independent Auditors
The Control Committee of NIB appointed as its independent joint auditors for NIB for the 2012
and 2013 financial years Authorized Public Accountant Sixten Nyman, representing the accounting firm
KPMG Oy Ab, Finland, and State Authorized Public Accountant Per Gunslev, representing KPMG
Statsautoriseret Revisionspartnerselskab, Denmark, and for the 2014 financial year Authorized Public
Accountant Sixten Nyman, representing the accounting firm KPMG Oy Ab, Finland, and Authorized
Public Accountant Hans Åkervall, representing KPMG AB, Sweden. NIB has appointed Authorized
Public Accountant Sixten Nyman, representing the accounting firm KPMG Oy Ab, Finland, and
Authorized Public Accountant Hans Åkervall, representing KPMG AB, Sweden as its independent joint
auditors for the 2015 financial year.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2014
appearing in Nordic Investment Bank's Annual Report on Form 18-K filed on May 13, 2015, have been
audited by KPMG Oy Ab, Finland and KPMG AB, Sweden, independent joint auditors, as set forth in
their report thereon included therein, and incorporated herein by reference. The financial statements of
Nordic Investment Bank for the years ended December 31, 2013 and 2012 appearing in Nordic
Investment Bank's Annual Report on Form 18-K filed on May 12, 2014 and Form 18-K filed on May 14,
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2013, respectively, have been audited by KPMG Oy Ab, Finland and KPMG Statsautoriseret
Revisionspartnerselskab, Denmark, independent joint auditors, as set forth in their report thereon included
therein, and incorporated herein by reference. Such financial statements are incorporated herein by
reference in reliance upon such reports given on the authority of such firm as experts in accounting and
auditing.

UNDERWRITING
NIB and the underwriters named below have entered into a terms agreement as of November 19,
2015 relating to the Notes. Each underwriter that is not a registered broker-dealer under the Securities
Exchange Act of 1934 will make sales in the United States only through underwriters or selling agents
that are so registered. As neither J.P. Morgan Securities plc nor The Toronto-Dominion Bank is
registered with the SEC as a U.S. registered broker-dealer, each will effect offers and sales of the Notes
solely outside of the United States or within the United States to the extent permitted by Rules 15a-6
under the Securities Exchange Act of 1934 through one or more U.S. registered broker-dealers, and as
permitted by the regulations of the Financial Industry Regulatory Authority, Inc. Subject to certain
conditions, each underwriter has severally agreed to purchase the principal amount of the Notes indicated
in the following table.
Underwriter
Underwriting Commitment
J.P. Morgan Securities plc
NOK
150,000,000
The Toronto-Dominion Bank
NOK
150,000,000

NOK
300,000,000

EXPENSES OF THE ISSUE
NIB estimates the expenses of the issue to be Euro 80,000.
SELLING RESTRICTIONS
The information in this section regarding the representations and agreements of the agents
regarding the offer, sale and delivery of the Notes, or the distribution of this pricing supplement, the
prospectus supplement or prospectus, supplements such information in the prospectus supplement under
the heading "Plan of Distribution--Selling Restrictions."
Each of the agents has represented and agreed that it has not offered, sold or delivered and will
not offer, sell or deliver any of the Notes directly or indirectly, or distribute this prospectus supplement or
the accompanying prospectus or any other offering material relating to the Notes, in or from any
jurisdiction except under circumstances that will result in compliance with the applicable laws and
regulations thereof and that will not impose any obligations on us except as set forth in the terms
agreement.
Norway
This prospectus has not been produced in accordance with the prospectus requirements laid down
in the Norwegian Securities Trading Act 2007. This prospectus has not been approved or disapproved by,
or registered with, the Norwegian Financial Supervisory Authority (Finanstilsynet) nor the Norwegian
Registry of Business Enterprises.
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The Notes described herein have not been and will not be offered or sold to the public in Norway,
and no offering or marketing materials relating to the Notes may be made available or distributed in any
way that would constitute, directly or indirectly, an offer to the public in Norway. This prospectus is for
the recipient only and may not in any way be forwarded to any other person or to the public in Norway.
GENERAL INFORMATION RELATING TO THE
LUXEMBOURG STOCK EXCHANGE LISTING
NIB has obtained all necessary consents, approvals and authorizations in connection with the
issuance and performance of the Notes. Resolutions of the Board of Directors of NIB, dated
December 14, 2006, December 16, 2010 and December 11, 2014, authorized the issuance of the Notes
and related matters.
NIB has applied to list the Notes on the Luxembourg Stock Exchange in accordance with the
rules of the Luxembourg Stock Exchange pursuant to the Luxembourg Prospectus Act. Copies of the
2004 Agreement and all reports prepared and filed are available at the office of BNP Paribas Securities
Services, Luxembourg Branch, the listing agent in Luxembourg.
So long as any of the Notes remain outstanding and listed on the Luxembourg Stock Exchange,
copies (and English translations for documents not in English) of the following items will be available
free of charge from NIB's listing agent at its offices at 33 rue de Gasperich, L-5826 Hesperange,
Luxembourg:
·
all incorporated documents that are considered part of this pricing supplement;
·
the audited annual financial statements of NIB;
·
future annual financial reports of NIB; and
·
any related notes to these items.
During the same period, the Fiscal Agency Agreement will be available for inspection at the
office of BNP Paribas Securities Services, Luxembourg Branch in Luxembourg. NIB will, until the
repayment of the Notes, maintain a paying agent in Luxembourg, which initially will be BNP Paribas
Securities Services, Luxembourg Branch. Payments on book-entry Notes that clear through Euroclear
and Clearstream, Luxembourg may be effected through the Luxembourg paying agent. BNP Paribas
Securities Services, Luxembourg Branch will also serve as transfer agent in Luxembourg.
If any payment on a Note presented for payment in Luxembourg is due on a day on which
banking institutions are authorized or required by law or regulations to be closed in Luxembourg, such
payment will be made on the next Luxembourg Business Day (a day, other than Saturday or Sunday,
which is not a day on which banking institutions are authorized or required by law or regulations to be
closed in Luxembourg). This payment will be treated as if it were made on the due date, and no
additional interest will accrue as a result of this delay.
Notices to holders of the Notes will be made by first class mail, postage prepaid, to the registered
holders. Notices concerning the Notes will also be made by publication in a leading newspaper having
general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or by publication on
the Luxembourg Stock Exchange's website (www.bourse.lu). In particular, notices relating to any
redemption permitted under the terms of the Notes and relating to interest rates will be notified to the
Luxembourg paying agent and the Luxembourg Stock Exchange. Any notice will be deemed to have
been given on the date of publication or, if published more than once, on the date of first publication.
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NIB is not involved in any litigation or arbitration proceedings relating to claims or amounts
which are material in the context of the issuance of the Notes nor, so far as NIB is aware, is any such
litigation or arbitration pending or threatened. Except as disclosed in this pricing supplement, the
prospectus supplement and the prospectus and the documents considered part of them, there has been no
material adverse change in the financial position or prospects of NIB since December 31, 2014.
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The Notes will be issued in a "qualified reopening" and therefore will be part of the same issue
and have the same "issue price" for U.S. federal income tax purposes as NIB's outstanding NOK
1,700,000,000 1.375% notes due July 15, 2020. For a discussion of U.S. federal income tax
considerations that may be relevant to you if you invest in the Notes, see "United States Federal Income
Tax Considerations" in the accompanying prospectus supplement.
The following paragraph is added on page S-42 of the accompanying prospectus supplement,
following the section "United States Federal Income Tax Considerations--U.S. Holders--Information
Reporting and Backup Withholding":

Reportable Transactions
A U.S. taxpayer that participates in a "reportable transaction" will be required to disclose its
participation to the IRS. Under the relevant rules, if the notes are denominated in a foreign currency, a
U.S. holder may be required to treat a foreign currency exchange loss from the notes as a reportable
transaction if this loss exceeds the relevant threshold in the regulations ($50,000 in a single taxable year if
the U.S. holder is an individual or trust, or higher amounts for other non-individual U.S. holders), and to
disclose its investment by filing Form 8886 with the IRS. A penalty in the amount of $10,000 in the case
of a natural person and $50,000 in all other cases is generally imposed on any taxpayer that fails to timely
file an information return with the IRS with respect to a transaction resulting in a loss that is treated as a
reportable transaction. Prospective purchasers are urged to consult their tax advisors regarding the
application of these rules.

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Filed Pursuant to Rule 424(b)(2)
Registration No. 333-203363
PROSPECTUS SUPPLEMENT
(To Prospectus dated June 17, 2015)

Nordic Investment Bank
U.S. $20,000,000,000
Medium-Term Notes, Series D
Due Nine Months or More from Date of Issue
The following terms may apply to the notes, which Nordic Investment Bank may sell from time to time. Nordic Investment Bank may
vary these terms and will provide the final terms for each offering of notes in a pricing supplement. We refer to both term sheets and
pricing supplements in this prospectus supplement as "pricing supplements."

·
Fixed or floating interest rate. The floating interest rate formula may be based on:

·
Commercial Paper Rate, LIBOR, Treasury Rate, CD Rate, Federal Funds Rate or

·
Any other rate specified in the relevant pricing supplement

·

May be issued as indexed notes or discount notes

·

May be subject to redemption at the option of Nordic Investment Bank or repayment at the option of the holder

·
Certificated or book-entry form

·

Registered form

·
In the case of dollar-denominated notes, issued in denominations of $1,000 and integral multiples of $1,000, unless otherwise
indicated in the applicable pricing supplement

·
Will not be listed on any securities exchange, unless otherwise indicated in the applicable pricing supplement

·

May be sold with or without warrants to exchange the notes into other debt securities
See "Risk Factors" beginning on page S-7 to read about certain risks which you should consider before investing in the notes,
particularly those associated with foreign currency notes and indexed notes.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or
determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.

Citigroup
Goldman, Sachs & Co.
This prospectus supplement is dated June 17, 2015.