Bond NorthInvest Bank 1.875% ( US65562QAV77 ) in USD

NorthInvest Bank

100 % ▼

United States

US65562QAV77 ( in USD )

1.875% per year ( payment 2 times a year)

14/06/2019 - Bond has expired

Prospectus brochure of the bond Nordic Investment Bank (NIB) US65562QAV77 in USD 1.875%, expired

200 000 USD

1 000 000 000 USD

65562QAV7

Nordic Investment Bank (NIB) is an international financial institution owned by the eight Nordic and Baltic countries that finances projects in its member countries and selected other areas, focusing on environmental sustainability and competitiveness.

The Bond issued by NorthInvest Bank ( United States ) , in USD, with the ISIN code US65562QAV77, pays a coupon of 1.875% per year.
The coupons are paid 2 times per year and the Bond maturity is 14/06/2019

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Filed pursuant to Rule 424(b)(2)
Registration No. 333-142934

PRICING SUPPLEMENT
(To prospectus dated May 22, 2007 and
prospectus supplement dated May 6, 2011)

US$1,000,000,000 1.875% NOTES DUE June 14, 2019
Issue Price: 99.591%
The Notes will mature at 100% of their principal amount on June 14, 2019. 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 related 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

99.591%

0.125%

99.466%
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Total

US$995,910,000
US$1,250,000
US$994,660,000
Purchasers of the Notes will also be required to pay accrued interest from April 9, 2014 if the Notes are delivered after that date.
The underwriters expect to deliver the Notes to investors on or about April 9, 2014.

HSBC

J.P. MORGAN

NOMURA

TD SECURITIES
ANZ SECURITIES
DAIWA CAPITAL MARKETS
NABSECURITIES, LLC
STANDARD

EUROPE

CHARTERED BANK
The date of this Pricing Supplement is April 2, 2014.
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ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated May 6, 2011, relating to NIB's US$20,000,000,000 Medium-Term Note Program,
Series D, and the accompanying prospectus dated May 22, 2007, 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 6, 2011 and prospectus dated May 22, 2007, 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.

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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.

Aggregate Principal Amount:
US$1,000,000,000

Issue Price:
99.591%

Original Issue Date:
April 9, 2014

Maturity Date:
June 14, 2019

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:
1.875% per annum

Interest Payment Dates:
June 14 and December 14 of each year, starting on December 14, 2014, until and including the Maturity Date.
The initial interest period will be a long interest period. 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:
Fifteen calendar days 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:
HSBC Bank plc, J.P. Morgan Securities plc, Nomura International plc, The Toronto-Dominion Bank, ANZ
Securities, Inc., Daiwa Capital Markets Europe Limited, nabSecurities, LLC and Standard Chartered Bank

Purchase Price:
99.466%

Net Proceeds, after Commissions, to NIB:
US$994,660,000

Closing Date:
April 9, 2014

Listing:
Luxembourg
Securities Codes:

CUSIP:
65562QAV7

ISIN:
US65562QAV77

Common Code:
105570694

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.

Payment of Principal and Interest:
Under the laws of New York, claims relating to payment of principal and interest on the Notes will be
prescribed according to the applicable statute of limitations, which would bar any such claim no earlier than 6
years after the payment date. See also "Payment of Principal and Interest" below.

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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 May 6, 2011 and prospectus dated May 22, 2007. 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, 2013 and April 2, 2014 NIB has carried out 13 borrowing transactions in 6 different currencies, in an amount corresponding to Euro 1,061 million
of which Euro 152 million are not settled. Repayment of borrowings previously entered into corresponded to Euro 685 million. The maturity profile for new borrowings during
this period is set forth in the table below.
Maturity profile for new borrowing

Amount in
Number of
EUR

transactions
million
Percentage

1-3 years

1

150

14

>3-5 years

5

326

31

>5-7 years

2

295

28

>7-10 years

2

134

12

longer than 10 years

3

156

15

Total

13

1,061

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 2011, 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. 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 2014 financial year.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2013, 2012 and 2011 appearing in Nordic Investment Bank's Annual Report on
Form 18-K/A filed on March 17, 2014, Form 18-K filed on May 14, 2013 and Form 18-K filed on May 10, 2012, 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.
PLAN OF DISTRIBUTION
NIB and the underwriters named below have entered into a terms agreement as of April 2, 2014 relating to the Notes. Each underwriter that is not a registered broker-dealer
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under the Securities

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Exchange Act of 1934 will make sales in the United States only through underwriters or selling agents that are so registered. As none of HSBC Bank plc, J.P. Morgan Securities
plc, Nomura International plc, The Toronto-Dominion Bank or Daiwa Capital Markets Europe Limited 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. Standard Chartered Bank will not effect
any offers or sales of any notes in the United States unless it is through one or more U.S. registered broker-dealers 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

HSBC Bank plc

U.S.$
240,000,000

J.P. Morgan Securities plc

U.S.$
240,000,000

Nomura International plc

U.S.$
240,000,000

The Toronto-Dominion Bank

U.S.$
240,000,000

ANZ Securities, Inc.

U.S.$
10,000,000

Daiwa Capital Markets Europe Limited

U.S.$
10,000,000

nabSecurities, LLC

U.S.$
10,000,000

Standard Chartered Bank

U.S.$
10,000,000

U.S.$
1,000,000,000

EXPENSES OF THE ISSUE
NIB estimates the expenses of the issue to be Euro 100,000.
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 12, 2013, 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;

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