Obligation Komunalbanken 2.125% ( XS2257494265 ) en USD

Société émettrice Komunalbanken
Prix sur le marché 100 %  ▼ 
Pays  Norvege
Code ISIN  XS2257494265 ( en USD )
Coupon 2.125% par an ( paiement semestriel )
Echéance 22/12/2020 - Obligation échue



Prospectus brochure de l'obligation Kommunalbanken XS2257494265 en USD 2.125%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée 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 XS2257494265, paye un coupon de 2.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 22/12/2020







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 ("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 11 November 2020
KOMMUNALBANKEN AS
Legal Entity Identifier: I7ETN0QQO2AHZZGHJ389
Issue of
USD 100,000,000 2.125 per cent. Instruments due 11 February 2025
(the "Instruments")
(to be consolidated and form a single series with the USD 500,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 11 February 2015, the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 1 October 2019, the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 29 January 2020, the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 10 November 2020 and the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 12 November 2020 (the "Original Instruments"))

UNDER THE
PROGRAMME FOR THE ISSUANCE OF DEBT INSTRUMENTS
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 17 April 2014. This document
constitutes the Final Terms of the Instruments described herein for the purposes of Regulation
(EU) 2017/1129 (the "Prospectus Regulation") and, save in respect of the Conditions, must
be read in conjunction with the base prospectus dated 20 March 2020, which constitutes a base
prospectus for the purposes of the Prospectus Regulation (the "Base Prospectus"). 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. The Base Prospectus and the Conditions are
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:
4901
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(ii)
Tranche Number:
6
(iii)
Date on which the
The Instruments shall be consolidated, form a
Instruments become
single series and be interchangeable for
fungible:
trading purposes with those
Original
Instruments also represented by a Regulation
S Global Instrument on exchange of the
Temporary Global Instrument for interests in
the Permanent Global Instrument, as
described in these Final Terms
2.
Specified Currency:
United States dollars ("USD")
3.
Aggregate Principal Amount:

(i)
Series:
USD 1,000,000,000
(ii)
Tranche:
USD 100,000,000
4.
Issue Price:
107.220 per cent. of the Aggregate Principal
Amount plus accrued interest from and
including, the Interest Commencement Date
to, but excluding, the Issue Date
5.
(i)
Specified Denominations:
USD 200,000 and multiples of USD 2,000
thereafter
(ii)
Calculation Amount:
USD 2,000
6.
(i)
Issue Date:
13 November 2020
(ii)
Interest Commencement
11 August 2020
Date:
7.
Maturity Date:
11 February 2025
8.
Types of Instruments:
Fixed Rate
9.
Interest Basis:
2.125 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
Not Applicable
Redemption/Payment Basis:
12.
Put/Call Options:
Not Applicable
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13.
Status of the Instruments:
Senior
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14.
Fixed Rate Instrument
Applicable
Provisions
(i)
Interest Rate:
2.125 per cent. per annum payable semi-
annually in arrear
(ii)
Interest Payment Date(s):
11 February and 11 August in each year from
and including 11 February 2021 up to and
including the Maturity Date
(iii)
Adjustment of Interest
Interest Payment Dates will not be adjusted
Payment Date(s) for
for calculation of interest; however, for
payment purposes:
payment purposes only, the Following
Business Day Convention will apply
(iv)
Fixed Coupon Amount(s):
USD 21.25 per Calculation Amount, payable
on each Interest Payment Date
(v)
Broken Amount(s):
Not Applicable
(vi)
Day Count Fraction:
30/360
(viii)
Determination Dates:
Not Applicable
15.
Floating Rate Instrument
Not Applicable
Provisions
16.
Fixed Interest Discounted Issue
Not Applicable
Instrument Provisions
17.
Zero Coupon Instrument
Not Applicable
Provisions
18.
Index Linked Interest
Not Applicable
Instrument Provisions
19.
Share Linked Interest
Not Applicable
Instrument 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 Condition 6.2
Not Applicable
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(Early Redemption for Taxation
Reasons):
23.
Call Option
Not Applicable
24.
Put Option
Not Applicable
25.
Automatic Early Redemption
Not Applicable
26.
Maturity Redemption Amount of USD 2,000 per Calculation Amount
each Instrument
27.
Early Redemption Amount

(i)
Early Redemption
USD 2,000 per Calculation Amount
Amount(s) per Calculation
Amount payable on

redemption for taxation
reasons:
(ii)
Early Redemption
USD 2,000 per Calculation Amount
Amount(s) 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
Not Applicable
Instruments
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:

The Instruments:
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Regulation S Instrument
The Original Instruments:
Regulation S Instrument and Rule 144A
Instrument
36.
New Global Instrument:
Not Applicable
37.
New Safekeeping Structure:
No
38.
Relevant Financial Centre(s) or
New York
other special provisions relating to
Payment Dates:
39.
Additional Financial Centre(s)
London
relating to Relevant Financial
Centre Days:
40.
Talons for future Coupons or
No
Receipts to be attached to
Definitive Bearer Instruments (and
dates on which such Talons
mature):
41.
Details relating to Partly Paid
Not Applicable
Instruments:
42.
Details relating to Instalment
Not Applicable
Instruments:
43.
Calculation Agent (including, in
Not Applicable
the case of Renminbi Instruments,
the party responsible for calculating
the Fixed Coupon Amount(s)):
44.
Alternative Provisions
Not Applicable



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SIGNATURE
Signed on behalf of the Issuer:
By:
Duly authorised
Signature page to the Final Terms


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

The Original Instruments have been admitted
to listing on the Official List of the
Luxembourg Stock Exchange
(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

The Original Instruments have been admitted
to trading on the regulated market of the
Luxembourg Stock Exchange
(iii)
Estimate of total expenses
EUR 600 (listing fee)
related to 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 and are 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 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
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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 allocated within the
Issuer's treasury liquidity portfolio to a
subportfolio (the "Green Project Portfolio")
for investments in Eligible Projects (as
defined below) meeting the Eligibility Criteria
(as defined below). Pending application of the
net proceeds for investment in such Eligible
Projects the Issuer will hold such net proceeds
at its discretion, in certificates of deposit,
commercial paper, bank deposits, repurchase
transactions or other money market
instruments. The balance of the Green Project
Portfolio, until such amount is used in full,
will be reduced at the end of each annual
period by the amounts invested in such annual
period in Eligible Projects meeting the
Eligibility Criteria. The use of funds in the
Green Project Portfolio will be monitored by
the Issuer and/or third parties nominated by it
to monitor compliance with the application of
funds in the Green Project Portfolio.
"Eligible Projects" means financing (through
making loans or through equity investments or
otherwise) the construction costs and/or
development of new and existing projects
meeting the Eligibility Criteria.
"Eligibility Criteria" means a project
included in the Norwegian local government's
climate and energy plans. These are
investments in the areas of energy efficiency,
renewable energy, waste management,
recycling, pedestrian and bicycle paths, water
quality, public transportation and facilities for
outdoor recreation.
(ii)
Estimated net proceeds:
USD 107,763,055.56 (including 92 days of
accrued interest amounting
to USD
543,055.56)
(iii)
Estimated total expenses:
Not Applicable
5.
YIELD
Indication of yield:
0.407 per cent. semi-annual
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6.
HISTORIC INTEREST RATES
Not Applicable
7.
DESCRIPTION AND PERFORMANCE OF INDEX/FORMULA/OTHER
VARIABLE
Not Applicable
8.
OPERATIONAL INFORMATION
Regulation S ISIN Code:
The Instruments:
Until the Instruments are consolidated,
become fungible with and form a single Series
with the Original Instruments, the Instruments
will have the temporary ISIN Code
XS2257494265. After that, the Instruments
will have the same ISIN Code as the Original
Instruments, which is XS1188118100.
The Original Instruments:
XS1188118100
Regulation S Common Code:
The Instruments:
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
225749426. After that, the Instruments will
have the same Common Code as the Original
Instruments, which is 118811810.
The Original Instruments:
118811810
CUSIP Number:
The Original Instruments:
50048MBX7
144A ISIN Code:
The Original Instruments:
US50048MBX74
144A Common Code:
The Original Instruments:
118815262
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Intended to be held in a manner
Not Applicable
which would allow Eurosystem
eligibility:

Clearing system(s):
The Instruments:
Euroclear/Clearstream, Luxembourg
The Original Instruments:
Euroclear/Clearstream, Luxembourg/DTC
Delivery:
Delivery against payment
Names and addresses of additional
Not Applicable
Paying Agent(s) (if any):
Name and address of Luxembourg
Not Applicable
Intermediary Agent:
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 of
Deutsche Bank AG, London Branch
Manager:
(v)
Stabilising Manager(s) (if
Not Applicable
any):
(vi)
Total (underwriting and
Not Applicable
placing) commission and
concession:
(vii)
U.S. Selling Restrictions:
The Instruments:
Regulation S Category 2
The Original Instruments:
Regulation S Category 2; Rule 144A and
Section 3(c)(7) (QIBs that are also QPs)
(ix) Prohibition of Sales to EEA
Not Applicable
and UK Retail Investors:
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Document Outline