Obligation NorthInvest Bank 2.875% ( US65562QBK04 ) en USD

NorthInvest Bank

100 % ▼

Finlande

US65562QBK04 ( en USD )

2.875% par an ( paiement semestriel )

19/07/2023 - Obligation échue

Prospectus brochure de l'obligation Nordic Investment Bank (NIB) US65562QBK04 en USD 2.875%, échue

200 000 USD

1 000 000 000 USD

65562QBK0

La Nordic Investment Bank (NIB) est une banque multilatérale de développement appartenant aux pays nordiques et détenue par leurs gouvernements, qui finance des projets de développement dans ces pays et dans les pays voisins de la région de la Baltique.

L'obligation Nordic Investment Bank (NIB) ISIN US65562QBK04, émise en Finlande pour un montant total de 1 000 000 000 USD, avec un coupon de 2,875 % payable semestriellement, et une taille minimale de transaction de 200 000 USD, est arrivée à échéance le 19/07/2023 et a été intégralement remboursée à 100 %.

LISTING PARTICULARS
(Comprising a Pricing Supplement dated July 12, 2018,
Prospectus dated May 26, 2017 and
Prospectus Supplement dated May 8, 2018)

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

US$1,000,000,000 2.875% NOTES DUE July 19, 2023
Issue Price: 99.792%
The Notes will mature at 100% of their principal amount on July 19, 2023. The Notes will not be
redeemable before maturity and will not be entitled to the benefit of any sinking fund.
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 ................................
99.792%

0.125%

99.667%
Total .......................................
US$997,920,000

US$1,250,000

US$996,670,000
The underwriters will also be required to pay accrued interest from July 19, 2018 if the Notes are
delivered after that date.
The underwriters expect to deliver the Notes to investors on or about July 19, 2018.
HSBC
RBC Capital
TD Securities
Citigroup
Markets

The date of these Listing Particulars is July 12, 2018.

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated May 8,
2018, relating to NIB's US$20,000,000,000 Medium-Term Note Program, Series D, and the
accompanying prospectus dated May 26, 2017, 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 May 8,
2018 and prospectus dated May 26, 2017, fulfills the requirement for a simplified prospectus pursuant to
Chapter 2 of Part III of the Luxembourg Prospectus Act.
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 agreements dated October 2, 2009, December 17, 2010 and January 25, 2016. 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.
Aggregate Principal Amount:
US$1,000,000,000
Issue Price:
99.792%
Original Issue Date:
July 19, 2018
Maturity Date:
July 19, 2023
Specified Currency:
U.S. Dollars
Authorized Denominations:
US$200,000 and integral multiples of US$1,000
thereafter
Form:
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.
Interest Rate:
2.875% per annum
Interest Payment Dates:
January 19 and July 19 in each year, starting on January
19, 2019 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 delayed payment.
Day Count Fraction:
30/360 (Unadjusted)
Regular Record Date:
The Business Day immediately preceding the Interest
Payment Date.
Business Days:
New York
Optional Repayment:
Yes X No
Optional Redemption:
Yes X No
Indexed Note:
Yes X No
Foreign Currency Note:
Yes X No
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Purchasers:
Citigroup Global Markets Limited, HSBC Bank plc,
RBC Capital Markets, LLC and The Toronto-Dominion
Bank
Purchase Price:
99.667%
Net Proceeds, after Discounts and
US$996,670,000
Commissions, to NIB:
Closing Date:
July 19, 2018
Listing:
Luxembourg
Securities Codes:

CUSIP:
65562QBK0
ISIN:
US65562QBK04
Common Code:
185774209
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.
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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INDEPENDENT AUDITORS
The Control Committee of NIB appointed as its independent joint auditors for NIB for the 2015
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
appointed Authorized Public Accountant Marcus Tötterman, 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 2016 financial year. Following the resignation of Hans Åkervall,
Authorized Public Accountant Anders Tagde, representing KPMG AB, Sweden, replaced Mr. Åkervall as
of October 20, 2016. NIB appointed Authorized Public Accountant Marcus Tötterman, representing the
accounting from KPMG Oy Ab, Finland, and Authorized Public Accountant Anders Tagde, representing
KPMG AB, Sweden, as its independent joint auditors for the 2017 financial year.
Change of Independent Auditors
Based on a tender process, the Control Committee of NIB has appointed as its independent joint
auditors for NIB for the 2018 financial year Authorized Public Accountant Terhi Mäkinen, representing
the accounting firm Ernst & Young Oy, Finland, and Authorized Public Accountant Mona Alfredsson,
representing Ernst & Young AB, Sweden.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2017,
2016 and 2015 appearing in Nordic Investment Bank's Annual Report on Form 18-K/A filed on March
16, 2018, Form 18-K/A filed on March 22, 2017 and Form 18-K/A filed on March 18, 2016, respectively,
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. 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 July 12, 2018
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 none of Citigroup Global Markets Limited, HSBC Bank plc or 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
Citigroup Global Markets Limited
US$
250,000,000
HSBC Bank plc
US$
250,000,000
RBC Capital Markets, LLC
US$
250,000,000
The Toronto-Dominion Bank
US$
250,000,000

US$
1,000,000,000
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EXPENSES OF THE ISSUE
NIB estimates the expenses of the issue to be Euro 100,000.
SELLING RESTRICTIONS
Prohibition of Sales to EEA Retail Investors
Each of the underwriters has represented and agreed that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Notes to any retail investor in the
European Economic Area. For the purposes of this provision:
(a)
the expression "retail investor" means a person who is one (or more) of the following:
(i)
a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as
amended, "MiFID II"); or
(ii)
a customer within the meaning of Directive 2002/92/EC (as amended, the
"Insurance Mediation Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii)
not a qualified investor as defined in Directive 2003/71/EC (as amended, the
"Prospectus Directive");and
(b)
the expression "offer" includes the communication in any form and by any means of
sufficient information on the terms of the offer and the Notes to be offered so as to enable
an investor to decide to purchase or subscribe the Notes.
MIFID II PRODUCT GOVERNANCE
MIFID II Product Governance / Professional Investors And Eligible Counterparties Only Target
Market
Solely for the purposes of each manufacturer's product approval process, the target market
assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is
eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as
amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the
Notes (a "distributor") should take into consideration the manufacturers' target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment
in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and
determining appropriate distribution channels.
For the purposes of this provision, the expression "manufacturer" means any underwriter that is a
manufacturer under MiFID II.
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, December 10, 2015, April 25, 2017 and December 11, 2017,
authorized the issuance of the Notes and related matters.
P-6

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 60 avenue J.F. Kennedy, L-1855 Luxembourg,
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.
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, 2016.
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
For a discussion of the material U.S. federal income tax considerations relating to the purchase,
ownership and disposition of the Notes, please see "United States Taxation" on page 11 of the
accompanying Prospectus.
P-7

U.S. holders that use an accrual method of accounting for tax purposes ("accrual method
holders") generally are required to include certain amounts in income no later than the time such amounts
are reflected on certain financial statements (the "book/tax conformity rule"). The application of the
book/tax conformity rule thus may require the accrual of income earlier than would be the case under the
general tax rules described in the prospectus supplement, although it is not clear to what types of income
the book/tax conformity rule applies. This rule generally is effective for tax years beginning after
December 31, 2017 or, for notes issued with original issue discount, for tax years beginning after
December 31, 2018. Accrual method holders should consult with their tax advisors regarding the potential
applicability of the book/tax conformity rule to their particular situation.
The book/tax conformity rule applies to original issue discount ("OID") in some cases, and
therefore may require accrual method holders to include OID on OID notes in a more accelerated manner
than described in "United States Taxation--Original Issue Discount" in the Prospectus if they do so for
financial accounting purposes. It is uncertain what adjustments, if any, should be made in later accrual
periods when taxable income exceeds income reflected on the U.S. holder's financial statements to reflect
the accelerated accrual of income in earlier periods. In addition, it is possible, although less likely, that
accrual method holders may be required to include de minimis OID in gross income as the de minimis
OID accrues on their financial statements.
The application of the book/tax conformity rule to OID and de minimis OID is uncertain, and
accrual method taxpayers should consult with their tax advisors on how the rule may apply to their
investment in notes. Under the book/tax conformity rule, an accrual method holder that has made the
election described in the second paragraph of "United States Taxation--Market Discount" in the
prospectus supplement may be required to accrue market discount in a more accelerated manner than
described therein if the holder does so for financial accounting purposes. It is also possible, although less
likely, that accrual method holders that have not made the election described above and that accrue
market discount on a current basis on their financial statements may be required to accrue market discount
including de minimis market discount currently for U.S. federal income tax purposes. The application
of the book/tax conformity rule to notes with market discount is uncertain, and accrual method taxpayers
should consult with their tax advisors on how the rule may apply to their investment in notes.

P-8

Issuer
Nordic Investment Bank
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki
Finland
Joint Book-Runners
Citigroup Global Markets Limited
RBC Capital Markets, LLC
HSBC Bank plc
The Toronto-Dominion Bank
Citigroup Centre
Three World Financial
8 Canada Square
60 Threadneedle Street
Canada Square
Center
London E14 5HQ
London EC2R 8P
Canary Wharf
200 Vesey Street, 8th Floor
United Kingdom
United Kingdom
London E14 5LB
New York, NY 10281
United Kingdom
United States of America

Fiscal Agent
Citibank, N.A.
388 Greenwich Street, 14th Floor
New York, NY 10013
United States of America
Agents
Listing Agent
BNP Paribas Securities Services
Luxembourg Branch
60 avenue J.F. Kennedy
L-1855 Luxembourg
Luxembourg
New York Paying Agent
Luxembourg Paying Agent
Citibank, N.A.
BNP Paribas Securities Services
388 Greenwich Street, 14th Floor
Luxembourg Branch
New York, NY 10013
60 avenue J.F. Kennedy
United States of America
L-1855 Luxembourg
Luxembourg

Legal Advisers
To the Issuer
To the Underwriters
Mr. Sten Holmberg
Cleary Gottlieb Steen & Hamilton LLP
Chief Counsel
Neue Mainzer Str. 52
Nordic Investment Bank
60311 Frankfurt am Main
Fabianinkatu 34
Germany
P.O. Box 249
FI-00171 Helsinki
Finland
Auditors of the Issuer
Ernst & Young Oy
Alvar Aallon katu 5 C
FI-00100 Helsinki
Finland

PROSPECTUS SUPPLEMENT
(To Prospectus dated May 26, 2017)
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. LLC
This prospectus supplement is dated May 8, 2018.