Bond NorthInvest Bank 1.125% ( US65562QAX34 ) in USD

NorthInvest Bank

100 % ▲

Finland

US65562QAX34 ( in USD )

1.125% per year ( payment 2 times a year)

19/03/2018 - Bond has expired

Prospectus brochure of the bond Nordic Investment Bank (NIB) US65562QAX34 in USD 1.125%, expired

200 000 USD

1 250 000 000 USD

65562QAX3

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 ( Finland ) , in USD, with the ISIN code US65562QAX34, pays a coupon of 1.125% per year.
The coupons are paid 2 times per year and the Bond maturity is 19/03/2018

The Bond issued by NorthInvest Bank ( Finland ) , in USD, with the ISIN code US65562QAX34, was rated NR by Moody's credit rating agency.

The Bond issued by NorthInvest Bank ( Finland ) , in USD, with the ISIN code US65562QAX34, was rated NR by Standard & Poor's ( S&P ) credit rating agency.

424B2
424B2 1 d890756d424b2.htm 424B2
Table of Contents
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)

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

US$1,250,000,000 1.125% NOTES DUE March 19, 2018
Issue Price: 99.806%
The Notes will mature at 100% of their principal amount on March 19, 2018. 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

99.806%

0.100%

99.706%
Total

US$1,247,575,000
US$1,250,000
US$1,246,325,000
Purchasers of the Notes will also be required to pay accrued interest from March 19, 2015 if the Notes are delivered after that date.
The underwriters expect to deliver the Notes to investors on or about March 19, 2015.

CITIGROUP

DEUTSCHE BANK

NOMURA

TD SECURITIES
ANZ SECURITIES
CREDIT SUISSE
STANDARD CHARTERED

BANK
The date of this Pricing Supplement is March 12, 2015.
Table of Contents
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
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.

P-2
Table of Contents
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$1,250,000,000

Issue Price:
99.806%

Original Issue Date:
March 19, 2015

Maturity Date:
March 19, 2018

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:
1.125% per annum

Interest Payment Dates:
March 19 and September 19 of each year, starting on September 19, 2015, until and
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
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:
Fifteen calendar days immediately preceding the Interest Payment Date.

Business Days:
New York

Optional Repayment:
Yes No

Optional Redemption:
Yes No

Indexed Note:
Yes No

Foreign Currency Note:
Yes No

P-3
Table of Contents
Purchasers:
Citigroup Global Markets Inc., Deutsche Bank AG, London Branch, Nomura International
plc, The Toronto-Dominion Bank, ANZ Securities, Inc., Credit Suisse Securities (Europe)
Limited and Standard Chartered Bank

Purchase Price:
99.706%

Net Proceeds, after Commissions, to NIB:
US$1,246,325,000

Closing Date:
March 19, 2015

Listing:
Luxembourg

Securities Codes:

CUSIP:
65562QAX3

ISIN:
US65562QAX34

Common Code:
120658042

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
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
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.

P-4
Table of Contents
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".

P-5
Table of Contents
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, 2014 and March 12, 2015 NIB has carried out 6 borrowing transactions in 5 different currencies, in an amount
corresponding to Euro 816 million of which all are settled. Repayment of borrowings previously entered into corresponded to Euro 55 million. The
maturity profile for new borrowings during this period is set forth in the table below.
Maturity profile for new borrowing

Number of
Amount in

transactions
EUR million
Percentage
1-3 years

0

0

0
>3-5 years

2

348

43
>5-7 years

1

353

43
>7-10 years

0

0

0
longer than 10 years

3

115

14

Total

6

816

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 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, and for the 2014 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 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 2015 financial year.
EXPERTS
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
The financial statements of Nordic Investment Bank for the years ended December 31, 2014 appearing in Nordic Investment Bank's Annual
Report on Form 18-K/A filed on March 12, 2015, 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. The financial statements of Nordic Investment
Bank for the years ended December 31, 2013 and 2012 appearing in Nordic Investment Bank's Annual Report on Form 18-K/A filed on March 17,
2014 and Form 18-K filed on May 14, 2013, 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.

P-6
Table of Contents
PLAN OF DISTRIBUTION
NIB and the underwriters named below have entered into a terms agreement as of March 12, 2015 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 Deutsche Bank AG, London Branch, Nomura International plc, The Toronto-Dominion Bank or
Credit Suisse Securities (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

Citigroup Global Markets Inc.

U.S.$
303,125,000
Deutsche Bank AG, London Branch

U.S.$
303,125,000
Nomura International plc

U.S.$
303,125,000
The Toronto-Dominion Bank

U.S.$
303,125,000
ANZ Securities, Inc.

U.S.$

12,500,000
Credit Suisse Securities (Europe) Limited

U.S.$

12,500,000
Standard Chartered Bank

U.S.$

12,500,000

U.S.$
1,250,000,000

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 11, 2014, 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.

P-7
Table of Contents
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:

http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
·
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, 2014.
United States Federal Income Tax Considerations
The third introductory paragraph of the section "United States Federal Income Tax Considerations" on page S-32 of the accompanying
prospectus supplement is replaced by the following paragraph:
This summary does not discuss all of the tax considerations that may be relevant to you in light of your particular circumstances (such as the
application of the alternative minimum tax and the Medicare tax on net investment income). You should consult your tax adviser about the tax
consequences of holding notes, including the relevance to your particular situation of the considerations discussed below, as well as the relevance
to your particular situation of state, local or other tax laws.

P-8
Table of Contents
The second paragraph of the section "United States Federal Income Tax Considerations -- U.S. Holders -- Information Reporting and
Backup Withholding" on page S-37 of the accompanying prospectus supplement is deleted in its entirety.
The second paragraph of the section "United States Federal Income Tax Considerations -- Non-U.S. Holders" beginning on page S-37 of the
accompanying prospectus supplement is replaced by the following:
FATCA
The U.S. Foreign Account Tax Compliance rules ("FATCA") require certain "foreign financial institutions" to withhold U.S. tax on a portion
of payments on certain types of debt and to collect information from certain holders of notes. While NIB is a foreign financial institution, it is
likely to qualify for an exemption applicable to "international organizations" and thus is not likely to be subject to FATCA's withholding and
information reporting rules.
Additionally, Finland has entered into an intergovernmental agreement (the "U.S.-Finland IGA") with the United States relating to FATCA.
NIB expects to qualify as a "Non-Reporting Finnish Financial Institution" under the U.S.-Finland IGA, and thus to be exempted from the
withholding and information reporting rules under FATCA and the U.S.-Finland IGA.

P-9
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-142934
PROSPECTUS SUPPLEMENT (To Prospectus dated May 22, 2007)

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

· The notes 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-6 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 related prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Citi

Goldman, Sachs & Co.
This prospectus supplement is dated May 6, 2011.
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Page
About this Prospectus Supplement
S-3
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
Summary
S-4
Risk Factors
S-6
Foreign Currency Risks
S-6
Risks Associated with Indexed Notes
S-8
Additional Risks Related to Equity Linked Notes
S-11
Additional Risks Related to Commodity Linked Notes
S-12
Risks Relating to Jurisdiction and Enforcement of Judgments
S-13
Description of the Notes
S-15
General Terms of the Notes
S-15
Discount Notes
S-16
Form of the Notes
S-16
Global Clearance and Settlement Procedures
S-20
Paying Agents, Transfer Agents, Exchange Rate Agent and Calculation Agent
S-21
Payment of Principal and Interest
S-21
Interest Rates
S-23
Indexed Notes
S-28
European Monetary Union
S-28
Redemption, Repurchase and Early Repayment
S-29
No Payment of Additional Amounts
S-30
Default and Acceleration of Maturity
S-30
Modification of Terms
S-30
Further Issues
S-31
Notices
S-31
United States Federal Income Tax Considerations
S-32
Payments of Interest
S-32
Purchase, Sale and Retirement of Notes
S-32
Original Issue Discount
S-33
Short-Term Notes
S-35
Premium
S-36
Market Discount
S-36
Indexed Notes and Other Notes Providing for Contingent Payments
S-37
Information Reporting and Backup Withholding
S-37
Plan of Distribution
S-39
Distribution
S-39
Selling Restrictions
S-40
Glossary
S-42
Annex A--Form of Pricing Supplement
A-1

Prospectus

Page
About this Prospectus

2
Forward-Looking Statements

2
Nordic Investment Bank

3
Introduction

3
Governance

3
Use of Proceeds

4
Description of the Securities

5
Debt Securities

5
Warrants

8
Jurisdiction, Consent to Service, Enforcement of Judgments and Immunities from Attachment

9
Legal Status

9
United States Taxation

10
Plan of Distribution

11
Terms of Sale

11
Method of Sale

12
Validity of the Securities

12
Authorized Representative

13
Experts

13
Where You Can Find More Information

13

http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2
S-2
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
Nordic Investment Bank, or NIB, is an international financial institution established by the Agreement Regarding the Establishment of
Nordiska Investeringsbanken, or the Establishment Agreement, an international agreement signed on December 4, 1975, by Denmark, Finland,
Iceland, Norway and Sweden, referred to as the Nordic Countries. On October 23, 1998, the Nordic Countries entered into a novation of the
Establishment Agreement, referred to as the 1998 Agreement. The 1998 Agreement came into effect on July 18, 1999, and the Establishment
Agreement ceased to be effective on that date.
On February 11, 2004, a new Agreement on the Nordic Investment Bank was concluded among Denmark, Estonia, Finland, Iceland, Latvia,
Lithuania, Norway and Sweden (the "Member Countries"), referred to as the 2004 Agreement. The 2004 Agreement came into effect on January 1,
2005 and the 1998 Agreement ceased to be effective on that date.
This prospectus supplement supplements the accompanying prospectus dated May 22, 2007 relating to NIB's debt securities and warrants. If
the information in this prospectus supplement differs from the information contained in the accompanying prospectus, you should rely on the
information in this prospectus supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both 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 prospectus
supplement and the accompanying prospectus. NIB has not authorized anyone else to provide you with different information. NIB and the agents
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
prospectus supplement and the accompanying prospectus is current only as of its date.
NIB will provide the terms and conditions of a particular issue of notes, and may provide additional information, in a pricing supplement for
that issue. Pricing supplements for particular issues of notes may take the form of term sheets. Whenever used in this prospectus supplement,
"pricing supplement" includes these term sheets. If the information in a pricing supplement differs from that in this prospectus supplement or the
accompanying prospectus, you should rely on the information in that pricing supplement.
NIB accepts responsibility for the information contained in the prospectus, the prospectus supplement and each pricing supplement. NIB has
taken all reasonable care to ensure that the information contained in the prospectus, the prospectus supplement and each pricing supplement is in
accordance with the facts and does not omit anything likely to affect the import of such information.
NIB is furnishing this prospectus supplement and the accompanying 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 prospectus supplement and the accompanying 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 prospectus supplement and the accompanying prospectus as a whole

misleading; and

· it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying prospectus.

S-3
Table of Contents
SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and in the prospectus. It does not contain all the
information that you should consider before investing in the notes. You should carefully read the pricing supplement relating to the terms and
conditions of a particular issue of notes along with this entire prospectus supplement and the prospectus.

Issuer:
Nordic Investment Bank.

Agents:
Citigroup Global Markets Inc. and Goldman, Sachs & Co.

Fiscal Agent:
Citibank, N.A.
http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

424B2

Paying Agent:
Citibank, N.A.

Exchange Rate Agent:
Citibank, N.A.

Calculation Agent:
Citibank, N.A.

Specified Currencies:
Including, but not limited to, Australian dollars, Canadian dollars, Danish kroner, euro,
Hong Kong dollars, Japanese yen, New Zealand dollars, Pounds Sterling, Swedish kroner,
Swiss francs and U.S. dollars or any other currency specified in the applicable pricing
supplement.

Amount:
Up to a principal amount, or initial offering price in the case of indexed notes and discount
notes, in aggregate for all indebtedness of NIB in Series D of $20,000,000,000 or its
equivalent in other currencies, of which $2,606,676,000, as of May 22, 2007, has been
registered with the SEC in connection with offers and sales in the United States.

Issue Price:
The notes may be issued at par, or at a premium over, or discount to, par and either on a
fully paid or partly paid basis.

Maturities:
The notes will mature at least nine months from their date of issue.

Fixed Rate Notes:
Fixed rate notes will bear interest at a fixed rate.

Floating Rate Notes:
Floating rate notes will bear interest at a rate determined periodically by reference to one
or more interest rate bases plus a spread or multiplied by a spread multiplier.

Indexed Notes:
Payments on indexed notes will be calculated by reference to a specific measure or index,
as specified in the applicable pricing supplement.

Discount Notes:
Discount notes are notes that are offered or sold at a price less than their principal amount
and called discount notes in the applicable pricing supplement. They may or may not bear
interest.

Redemption and Repayment:
If the notes are redeemable at the option of NIB or repayable at the option of the holder
before maturity, the pricing supplement will specify:

· the initial redemption date on or after which NIB may redeem the notes or the

repayment date or dates on which the holders may elect repayment of the notes;

· the redemption or repayment price; and

· the required prior notice to the holders or NIB.

S-4
Table of Contents
Status:
The notes will constitute direct, unconditional and unsecured indebtedness of NIB and will
rank equal in right of payment among themselves and with all existing and future
unsecured and unsubordinated indebtedness of NIB.

Taxes:
NIB will make all payments on the notes without gross-up for any present or future taxes,
duties, assessments or governmental charges whatsoever.

Further Issues:
NIB may from time to time, without the consent of existing holders, create and issue notes
having the same terms and conditions as any other outstanding notes offered pursuant to a
pricing supplement 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, any such other outstanding notes.

http://www.sec.gov/Archives/edgar/data/357024/000119312515093255/d890756d424b2.htm[3/16/2015 2:58:51 PM]

Document Outline

#1">
- #1">