Obligation Kommunalbanken 0% ( XS0925178880 ) en USD

Kommunalbanken

100 % ▲

Norvege

XS0925178880 ( en USD )

02/05/2017 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken XS0925178880 en USD 0%, échue

100 000 USD

1 350 000 000 USD

L'Obligation émise par Kommunalbanken ( Norvege ) , en USD, avec le code ISIN XS0925178880, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 02/05/2017

Execution Version
Final Terms dated 3 June 2014
KOMMUNALBANKEN AS
Issue of
U.S.$200,000,000 Floating Rate Instruments due 2 May 2017
(to be consolidated and form a single series with the U.S.$500,000,000 Floating Rate Instruments due
2 May 2017 issued on 2 May 2013, the U.S.$350,000,000 Floating Rate Instruments due 2 May 2017
issued on 11 March 2014 and the U.S.$300,000,000 Floating Rate Instruments due 2 May 2017 issued
on 24 March 2014 (the "Original Instruments"))
UNDER THE
PROGRAMME FOR THE ISSUANCE OF DEBT INSTRUMENTS
The Base Prospectus referred to below (as completed by these Final Terms) has been
prepared on the basis that any offer of Instruments in any Member State of the European
Economic Area which has implemented the Prospectus Directive (each, a "Relevant
Member State") will be made pursuant to an exemption under the Prospectus Directive, as
implemented in that Member State, from the requirement to publish a prospectus for offers of
the Instruments. Accordingly any person making or intending to make an offer of the
Instruments may only do so in circumstances in which no obligation arises for the Issuer or
the Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in
relation to such offer. Neither the Issuer nor the Dealer has authorised, nor do they authorise,
the making of any offer of Instruments in any other circumstances.
The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive) and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU provided, however, that all references in
this document to the "Prospectus Directive" in relation to any Member State of the European
Economic Area refer to Directive 2003/71/EC (and amendments thereto, including the 2010
PD Amending Directive, to the extent implemented in the relevant Member State), and
include any relevant implementing measure in the relevant Member State.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
(the "Conditions") set forth in the base prospectus dated 18 April 2013 and the supplement to
the base prospectus dated 13 August 2013. This document constitutes the Final Terms of the
Instruments described herein for the purposes of Article 5.4 of the Prospectus Directive and,
save in respect of the Conditions, must be read in conjunction with the base prospectus dated
17 April 2014, which constitutes a base prospectus (the "Base Prospectus") for the purposes
of the Prospectus Directive. The Conditions are incorporated by reference in the Base
Prospectus. Full information on the Issuer and the offer of the Instruments is only available
on the basis of the combination of these Final Terms, the Base Prospectus and the Conditions.
A summary of the Instruments (which comprises the summary in the Base Prospectus as
amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The
Base Prospectus and the Conditions are available for viewing at Kommunalbanken AS,
Haakon VIIs gate 5b, 0110 Oslo, Norway and Deutsche Bank AG, London Branch,
Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom and the
86321-3-5967-v1.4
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website of the Luxembourg Stock Exchange (www.bourse.lu) and copies may be obtained
from Kommunalbanken AS, Haakon VIIs gate 5b, 0110 Oslo, Norway and Deutsche Bank
AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB,
United Kingdom.
1.
(i)
Series Number:
4423

(ii)
Tranche Number:
4

(iii)
Date on which the Instruments
The Instruments represented by the Rule
become fungible:
144A
Global
Instrument
will
be
consolidated, become fungible and form a
single
Series
with
those
Original
Instruments also represented by a Rule
144A Global Instrument on the Issue Date
and the Instruments represented by the
Regulation S Global Instrument will be
consolidated, become fungible and form a
single
Series
with
those
Original
Instruments
also
represented
by
a
Regulation S Global Instrument not earlier
than 40 days from the Issue Date following
the
expiration
of
the
distribution
compliance
period
(as
defined
in
Regulation S)
2.
Specified Currency:
United States dollars ("U.S.$")
3.
Aggregate Principal Amount:

(i)
Series:
U.S.$1,350,000,000

(ii)
Tranche:
U.S.$200,000,000
4.
Issue Price:
100.211 per cent. of the Aggregate
Principal Amount of the Tranche plus 34
days' accrued interest from the Interest
Commencement Date
5.
(i)
Specified Denominations:
U.S.$100,000 and integral multiples of
U.S.$2,000 in excess thereof

(ii)
Calculation Amount:
U.S.$2,000
6.
(i)
Issue Date:
5 June 2014

(ii)
Interest Commencement Date:
2 May 2014
7.
Maturity Date:
2 May 2017
8.
Types of Instruments:
Floating Rate
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9.
Interest Basis:
3-month U.S.$ LIBOR plus 0.12 per cent.
(further particulars specified below)
10.
Redemption/Payment Basis:
Subject to any purchase and cancellation or
early redemption, the Instruments will be
redeemed on the Maturity Date at 100 per
cent. of their nominal amount
11.
Change of Interest or Redemption/
Not Applicable
Payment Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Instruments:
Senior
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14.
Fixed Rate Instrument Provisions
Not Applicable
15.
Floating Rate Instrument Provisions
Applicable

(i)
Interest Period(s)
Quarterly

(ii)
Specified Period:
Not Applicable

(iii)
Interest Payment Dates:
Interest shall be paid quarterly in arrear on
2 February, 2 May, 2 August and 2
November of each year commencing on the
First Interest Payment Date, up to (and
including) the Maturity Date.

(iv)
First Interest Payment Date:
2 August 2014

(v)
Business Day Convention:
Modified
Following
Business
Day
Convention

(vi)
Additional Financial Centre(s)
London and New York
relating to Business Days:

(vii) Manner in which the Interest
Screen Rate Determination
Rate(s) is/are to be determined:

(viii) Screen Rate Determination:
Applicable

Reference Rate:
3-month U.S.$ LIBOR

Interest Determination
2 London Banking Days prior to the first
Date(s):
day of each Interest Period

Relevant Screen Page:
Reuters Screen, LIBOR01
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Relevant Time:
11:00 a.m. London time

Relevant Financial Centre:
London

Variable Rate:
Not Applicable

(ix)
ISDA Determination:
Not Applicable

(x)
Margin(s):
+ 0.12 per cent. per annum

(xi)
Minimum Interest Rate:
Not Applicable

(xii) Maximum Interest Rate:
Not Applicable

(xiii) Day Count Fraction:
Actual/360

(xiv) Weighted Average Reference
Not Applicable
Rate:
16.
Fixed Interest Discounted Issue
Not Applicable
Instrument Provisions
17.
Zero Coupon Instrument Provisions
Not Applicable
18.
Index Linked Interest Instrument
Not Applicable
Provisions
19.
Share Linked Interest Instrument
Not Applicable
Provisions
20.
FX Linked Interest Instrument
Not Applicable
Provisions
21.
Fund Linked Interest Instrument
Not Applicable
Provisions
PROVISIONS RELATING TO REDEMPTION
22.
Notice periods for Conditions 6.2 (Early Not Applicable
Redemption for Taxation Reasons)
and/or 6.3 (Optional Early Redemption
(Call)) and/or 6.6 (Optional Early
Redemption (Put)):
23.
Call Option
Not Applicable
24.
Put Option
Not Applicable
25.
Automatic Early Redemption
Not Applicable
26.
Maturity Redemption Amount of
U.S.$2,000 per Calculation Amount
each Instrument
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27.
Early Redemption Amount

(i)
Early Redemption Amount(s)
U.S.$2,000 per Calculation Amount
per Calculation Amount payable
on redemption for taxation
reasons:

(ii)
Early Redemption Amount(s)
U.S.$2,000 per Calculation Amount
per Calculation Amount payable
on event of default or other early
redemption):
28.
Index Linked Redemption
Not Applicable
Instruments
29.
Share Linked Redemption
Not Applicable
Instruments
30.
FX Linked Redemption Instruments
Not Applicable
31.
Instruments with Dual or Other
Not Applicable
Currency Settlement Conditions
32.
Fund Linked Redemption
Not Applicable
Instruments
33.
Commodity Linked Redemption
Not Applicable
Instruments
34.
Physical Delivery Instruments
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
35.
Form of Instruments:
Registered Instruments:

Regulation S and Rule 144A Instruments
The Original Instruments are Regulation S
Instruments and Rule 144A Instruments
36.
New Global Instrument:
No
37.
Relevant Financial Centre(s) or other
London and New York
special provisions relating to Payment
Dates:
38.
Additional Financial Centre(s) relating
London and New York
to Relevant Financial Centre Days:
39.
Talons for future Coupons or Receipts
No
to be attached to Definitive Bearer
Instruments (and dates on which such
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PART B - OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING

(i)
Listing:
Luxembourg

(ii)
Admission to trading:
Application has been made by the Issuer (or on
its behalf) for the Instruments to be admitted to
listing on the official list of the Luxembourg
Stock Exchange and to trading on the regulated
market of the Luxembourg Stock Exchange
with effect from the Issue Date
The Original Instruments are admitted to
listing on the official list of the Luxembourg
Stock Exchange and to trading on the regulated
market of the Luxembourg Stock Exchange

(iii)
Estimate of total expenses
EUR 400 (listing fee)
related to admission to
trading:
2.
RATINGS

The Instruments to be issued have been rated:

Standard & Poor's Credit Market Services Europe Limited ("S&P"):
AAA

Moody's Investors Service Ltd ("Moody's"):
Aaa

According to Moody's rating system, obligations rated "Aaa" are judged to be of the
highest quality with minimal credit risk and according to the Standard & Poor's rating
system, an obligor rated "AAA" has extremely strong capacity to meet its financial
commitments.

Each of S&P and Moody's is established in the European Economic Area (the "EEA")
and registered under Regulation (EC) No. 1060/2009, as amended (the "CRA
Regulation"), and is included in the list of credit rating agencies published by the
European
Securities
and
Markets
Authority
on
its
website
(www.esma.europa.eu/page/list-registered-and-certified-CRAs) in accordance with the
CRA Regulation.
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE
ISSUE/OFFER

So far as the Issuer is aware, no person involved in the offer of the Instruments has an
interest material to the offer
4.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES
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(i)
Reasons for the offer:
The net proceeds of the issue of the
Instruments will be applied by the Issuer to
meet part of its general financing requirements

(ii)
Estimated net proceeds:
U.S.$200,486,855.00
(including
accrued
interest amounting to U.S.$ 64,855.00)
5.
(Fixed Rate Instruments only) - YIELD

Indication of yield:
Not Applicable
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6.
(Floating Rate Instruments only) - HISTORIC INTEREST RATES

Details of historic LIBOR rates can be obtained from Reuters
7.
(Index-Linked or other variable-linked Instruments only) - DESCRIPTION AND
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE

Not Applicable
8.
OPERATIONAL INFORMATION

Rule 144A ISIN Code:
US50048MBH25

Rule 144A Common Code:
092527395

CUSIP Number:
50048MBH2

Regulation S ISIN Code:
Until the Instruments are consolidated, become
fungible with and form a single Series with the
Original Instruments, the Instruments will have
the temporary ISIN XS1074934255. After
that, the Instruments will have the same ISIN
as the Original Instruments, which is
XS0925178880

Regulation S Common Code:
Until the Instruments are consolidated, become
fungible with and form a single Series with the
Original Instruments, the Instruments will have
the temporary Common Code 107493425.
After that, the Instruments will have the same
Common Code as the Original Instruments,
which is 092517888

New Global Instrument intended to
Not Applicable
be held in a manner which would
allow Eurosystem eligibility:

Clearing system(s):
Euroclear/Clearstream, Luxembourg/DTC
The Original Instruments are settled through
Euroclear, Clearstream, Luxembourg and DTC

Delivery:
Delivery against payment

Names and addresses of additional
Not Applicable
Paying Agent(s) or Foreign
Exchange Agent(s) (if any):

Name and address of Luxembourg
Not Applicable
Intermediary Agent:
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9.
DISTRIBUTION

(i)
Method of distribution:
Non-syndicated

(ii)
If syndicated, names of
Not Applicable
Managers:

(iii)
Date of Subscription
Not Applicable
Agreement:

(iv)
If non-syndicated, name and
Morgan Stanley & Co. International plc
address of Manager:
25 Cabot Square
Canary Wharf
London E14 4QA
England

(v)
Stabilising Manager(s) (if
Not Applicable
any):

(vi)
Total (underwriting and
Not Applicable
placing) commission and
concession:

(vii) U.S. Selling Restrictions:
Regulation S Category 2 and Rule 144A and
Section 3(c)(7) (QIBs that are also QPs)

The Original Instruments: Regulation S
Category 2 and Rule 144A and Section 3(c)(7)
(QIBs that are also QPs)

(viii) Public Offer:
Not Applicable
10.
TERMS AND CONDITIONS OF THE OFFER

Not Applicable

11.
THIRD PARTY INFORMATION
Not Applicable

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