Obligation Komunalbanken 0.2976% ( XS2211174763 ) en USD

Komunalbanken

100 % ⇌

Norvege

XS2211174763 ( en USD )

0.2976% par an ( paiement semestriel )

29/07/2022 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken XS2211174763 en USD 0.2976%, échue

200 000 USD

200 000 000 USD

Kommunalbanken est une banque publique norvégienne qui fournit des services financiers aux municipalités et aux autres entités publiques norvégiennes.

L'Obligation émise par Komunalbanken ( Norvege ) , en USD, avec le code ISIN XS2211174763, paye un coupon de 0.2976% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/07/2022

MiFID II PRODUCT GOVERNANCE / Professional investors and eligible counterparties only target
market Solely for the purposes of the manufacturer's product approval process, the target market assessment in
respect of the Instruments has led to the conclusion that: (i) the target market for the Instruments is eligible
counterparties and professional clients only, each as defined in Directive 2014/65/EU on markets in financial
instruments (as amended, "MiFID II"); and (ii) all channels for distribution of the Instruments to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Instruments (a "distributor") should take into consideration the manufacturer's target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Instruments (by either adopting or refining the manufacturer's target market
assessment) and determining appropriate distribution channels.
Final Terms dated 27 July 2020

KOMMUNALBANKEN AS
Legal Entity Identifier: I7ETN0QQO2AHZZGHJ389
Issue of
USD 200,000,000 0.2976 per cent. Instruments due 29 July 2022

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 or in the United Kingdom will be
made pursuant to an exemption under Regulation (EU) 2017/1129 (the "Prospectus Regulation") from the
requirement to publish a prospectus for offers of the Instruments. Accordingly any person making or intending to
make an offer in that Member State of the Instruments may only do so in circumstances in which no obligation
arises for the Issuer or the Manager to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or
supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in each case, in relation to such
offer. Neither the Issuer nor the Manager has authorised, nor do they authorise, the making of any offer of
Instruments in any other circumstances.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the base
prospectus dated 20 March 2020 which constitutes a base prospectus for the purposes of the Prospectus Regulation
(the "Base Prospectus"). This document constitutes the Final Terms of the Instruments described herein for the
purposes of the Prospectus Regulation and must be read in conjunction with such 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 and the Base Prospectus. The Base Prospectus is available for viewing at Kommunalbanken
AS, Haakon VIIs gate 5b, 0161 Oslo, Norway and Deutsche Bank AG, London Branch, Winchester House, 1
Great Winchester Street, London EC2N 2DB, United Kingdom and the websites of the Luxembourg Stock
Exchange (www.bourse.lu) and the Issuer (https://www.kbn.com/en/about-us/company-information) and copies
may be obtained from Kommunalbanken AS, Haakon VIIs gate 5b, 0161 Oslo, Norway and Deutsche Bank AG,
London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom.

1.
(i)
Series Number:
5506
(ii)
Tranche Number:
1
(iii)
Date on which the Instruments
Not Applicable
become fungible:
2.
Specified Currency:
US Dollar ("USD")
3.
Aggregate Principal Amount:

(i)
Series:
USD 200,000,000
(ii)
Tranche:
USD 200,000,000
4.
Issue Price:
100.00 per cent. of the Aggregate Principal Amount
5.
(i)
Specified Denominations:
USD 200,000 and integral multiples of USD 2,000 in
excess thereof up to USD 398,000. No Instruments in
definitive form will be issued with a denomination above
USD 398,000
(ii)
Calculation Amount:
USD 2,000
6.
(i)
Issue Date:
29 July 2020
(ii)
Interest Commencement Date:
Issue Date
7.
Maturity Date:
29 July 2022
8.
Types of Instruments:
Fixed Rate
9.
Interest Basis:
0.2976 per cent. Fixed Rate
(further particulars specified below)
10.
Redemption 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/Payment
Not Applicable
Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Instruments:
Senior
14.
Substitution and Variation (Condition 6.18):
Not Applicable
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Instrument Provisions
Applicable

(i)
Interest Rate:
0.2976 per cent. per annum payable semi-annually in
arrear
(ii)
Interest Payment Date(s):
29 January and 29 July in each year from and including
29 January 2021 up to and including the Maturity Date
(iii)
Adjustment of Interest Payment
Interest Payment Dates will not be adjusted for calculation
Date(s) for payment purposes:
of interest; however, for payment purposes only, the
Following Business Day Convention will apply
(iv)
Fixed Coupon Amount(s):
USD 2.976 per Calculation Amount
(v)
Broken Amount(s):
Not Applicable
(vi)
Day Count Fraction:
30/360
(vii)
Determination Dates:
Not Applicable

16.
Floating Rate Instrument Provisions
Not Applicable

17.
Fixed Interest Discounted Issue
Not Applicable
Instrument Provisions

18.
Zero Coupon Instrument Provisions
Not Applicable

19.
Index Linked Interest Instrument
Not Applicable
Provisions
20.
Share Linked Interest Instrument
Not Applicable
Provisions
21.
FX Linked Interest Instrument Provisions
Not Applicable
22.
Fund Linked Interest Instrument
Not Applicable
Provisions
PROVISIONS RELATING TO REDEMPTION
23.
Notice periods for Condition 6.2 (Early
As set out in Condition 6.2
Redemption for Taxation Reasons):
24.
Call Option
Not Applicable

25.
Put Option
Not Applicable

26.
Automatic Early Redemption
Not Applicable
27.
Maturity Redemption Amount of each
USD 2,000 per Calculation Amount
Instrument
28.
MREL Disqualification Event Option:
Not Applicable
29.
Early Redemption Amount

(i)
Early Redemption Amount(s) per
USD 2,000 per Calculation Amount
Calculation Amount payable on
redemption for taxation reasons or
for an MREL Disqualification
Event:
(ii)
Early Redemption Amount(s) per
USD 2,000 per Calculation Amount
Calculation Amount payable on
event of default or other early
redemption:
30.
Index Linked Redemption Instruments
Not Applicable
31.
Share Linked Redemption Instruments
(a)
Share Linked Automatic Early Redemption:
Not Applicable
(b)
Share Linked Final Redemption: Not
Applicable
32.
FX Linked Redemption Instruments
(a)
FX Linked Automatic Early Redemption: Not
Applicable
(b)
FX Linked Final Redemption: Not Applicable
33.
Instruments with Dual or Other
Not Applicable
Currency Settlement Conditions

34.
Fund Linked Redemption Instruments
(a)
Fund Linked Automatic Early Redemption:
Not Applicable
(b)
Fund Linked Final Redemption: Not
Applicable
35.
Commodity Linked Redemption
Not Applicable
Instruments
36.
Physical Delivery Instruments
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
37.
Form of Instruments:
Bearer Instruments:
Temporary Global Instrument exchangeable for a
Permanent Global Instrument which is exchangeable for
Definitive
Bearer
Instruments
in
the
limited
circumstances specified in the Permanent Global
Instrument
38.
New Global Instrument:
Yes
39.
New Safekeeping Structure:
Not Applicable
40.
Applicable Financial Centre(s) or other
London and New York
special provisions relating to Payment
Dates:

41.
Talons for future Coupons or Receipts to be No
attached to Definitive Bearer Instruments
(and dates on which such Talons mature):
42.
Details relating to Partly Paid Instruments:
Not Applicable
amount of each payment comprising the
Issue Price and date on which each
payment is to be made:
43.
Details relating to Instalment Instruments:
Not Applicable
amount of each instalment, date on which
each payment is to be made:
44.
Calculation Agent (including, in the case of
Not Applicable
Renminbi Instruments, the party
responsible for calculating the Fixed
Coupon Amount(s)):

SIGNATURE
Signed on behalf of the Issuer:
By:
Duly authorised

PART B - OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING
(i)
Listing:
Application has been made by the Issuer (or on its
behalf) for the Instruments to be listed on the official
list of the Luxembourg Stock Exchange with effect
from the Issue Date
(ii)
Admission to trading:
Application has been made by the Issuer (or on its
behalf) for the Instruments to be admitted to trading
on the regulated market of the Luxembourg Stock
Exchange with effect from the Issue Date
(iii)
Estimate of total expenses related to
EUR 1,600 (listing fee)
admission to trading:
2. RATINGS
The Instruments to be issued are expected to be rated:
S&P Global Ratings Europe Limited ("S&P"): AAA
Moody's Investors Service Cyprus Limited ("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 S&P's rating system, an obligor rated "AAA" has extremely strong
capacity to meet its financial commitments.
S&P and Moody's are established in the European Economic Area or in the UK and registered under
Regulation (EC) No. 1060/2009, as amended (the "CRA Regulation"), and are included in the list of credit
rating agencies published by the European Securities and Markets Authority ("ESMA") on its website
(www.esma.europa.eu/supervision/credit-rating-agencies/risk) 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
(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:
USD 200,000,000
(iii)
Estimated total expenses:
Not Applicable
5.
YIELD
Indication of yield:
0.2976 per cent. (semi-annual)
6.
OPERATIONAL INFORMATION
ISIN Code:
XS2211174763
Common Code:
221117476
CUSIP Number:
Not Applicable

Intended to be held in a manner which would
No. Whilst the designation is specified as "no" at the
allow Eurosystem eligibility:
date of these Final Terms, should the Eurosystem
eligibility criteria be amended in the future such that the
Instruments are capable of meeting them the
Instruments may then be deposited with one of the
ICSDs as common safekeeper. Note that this does not
necessarily mean that the Instruments will then be
recognised as eligible collateral for Eurosystem
monetary policy and intra day credit operations by the
Eurosystem at any time during their life. Such
recognition will depend upon the European Central
Bank being satisfied that Eurosystem eligibility criteria
have been met.
Clearing system(s):
Euroclear/Clearstream, Luxembourg
Delivery:
Delivery against payment
Names and addresses of additional Paying
Not Applicable
Agent(s) (if any):
Name and address of Luxembourg Intermediary
Not Applicable
Agent:
7. DISTRIBUTION
(i)
Method of distribution:
Non-syndicated
(ii)
If syndicated, names of Managers:
Not Applicable
(iii)
Date of Subscription Agreement:
Not Applicable
(iv)
If non-syndicated, name of Manager:
RBC Europe Limited
100 Bishopsgate
London, EC2N 4AA
United Kingdom
(v)
Stabilising Manager(s) (if any):
Not Applicable
(vi)
Total (underwriting and placing)
0.00 per cent. of the Aggregate Principal Amount
commission and concession:
(vii)
U.S. Selling Restrictions:
Regulation S Category 2
TEFRA D
(ix)
Prohibition of Sales to EEA and UK
Not Applicable
Retail Investors:
10. THIRD PARTY INFORMATION
Not Applicable