Bond NorthInvest Bank 0% ( US65562QBB05 ) in USD

NorthInvest Bank

100 % ▼

Finland

US65562QBB05 ( in USD )

0%

25/04/2018 - Bond has expired

Prospectus brochure of the bond Nordic Investment Bank (NIB) US65562QBB05 in USD 0%, expired

200 000 USD

500 000 000 USD

65562QBB0

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 Nordic Investment Bank (NIB), a multilateral financial institution established by the Nordic and Baltic countries, issued a USD 500,000,000 zero-coupon bond, identified by ISIN US65562QBB05 and CUSIP 65562QBB0, originating from Finland with a minimum purchase size of USD 200,000, which, despite a listed payment frequency of two, bore a 0% interest rate and was fully redeemed at 100% of its face value upon its maturity on April 25, 2018.

LISTING PARTICULARS
(Comprising a Pricing Supplement dated February 18, 2016,
Prospectus dated June 17, 2015 and
Prospectus Supplement dated June 17, 2015)

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

US$500,000,000 FLOATING RATE NOTES DUE April 25, 2018
Issue Price: 100%
The Notes will mature at 100% of their principal amount on April 25, 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 accompanying
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 ..............................
100%
%
100%
Total ....................................
US$500,000,000
US$
US$,500,000,000
The underwriters will also be required to pay accrued interest from April 25, 2016 if the Notes are
delivered after that date.
The underwriters expect to deliver the Notes to investors on or about April 25, 2016.
HSBC BofA Merrill Lynch

The date of these Listing Particulars is April 15, 2016.

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated June 17,
2015, relating to NIB's US$20,000,000,000 Medium-Term Note Program, Series D (the "Program"), and
the accompanying prospectus dated June 17, 2015, relating to NIB's debt securities and warrants.
Pursuant to an amendment to the Fiscal Agency Agreement dated May 22, 2007 relating to the Program
and an amendment to the Selling Agency Agreement dated May 22, 2007 relating to the Program, in each
case as of January 25, 2016, the maximum principal amount of the Program that may be issued has been
amended from a cumulative limit of US$20,000,000,000 to a limit of US$20,000,000,000 in notes
outstanding at any one time. 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 June 17,
2015 and prospectus dated June 17, 2015, 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.
The statement made in the preceding sentence is not intended to be a disclaimer or limitation of liability
under the U.S. federal securities laws.
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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, as amended by an agreement dated December 17, 2010
and as further amended by an agreement dated January 25, 2016. 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$500,000,000
Issue Price:
100%
Original Issue Date:
April 25, 2016
Maturity Date:
April 25, 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:
Floating
Interest Payment Dates:
January 25, April 25, July 25 and October 25 in each
year, starting on July 25, 2016, until and including the
Maturity Date. If any Interest Payment Date would fall
on a day that is not a Business Day, the Interest Payment
Date will instead be the next Business Day, unless that
Business Day falls in the next month, in which case the
Interest Payment Date will be the preceding Business
Day.
Day Count Fraction:
Actual/360; modified following (adjusted)
Regular Record Date:
The Business Day immediately preceding the Interest
Payment Date.
Base Rate
3 month LIBOR
Spread (+/-) or Spread Multiplier: + 0.05% per annum
Interest Reset Dates:
January 25, April 25, July 25 and October 25 of each
year starting on July 25, 2016. If any Interest Reset Date
would fall on a day that is not a Business Day, the
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Interest Reset Date will instead be the next Business
Day, unless that Business Day falls in the next month, in
which case the Interest Reset Date will be the preceding
Business Day.
Interest Determination Dates:
Second London Banking Day before the interest reset
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
Purchasers:
HSBC Bank plc and Merrill Lynch International
Purchase Price:
100%
Net Proceeds, after Discounts and
US$500,000,000
Commissions, to NIB:
Closing Date:
April 25, 2016
Listing: Luxembourg
Securities Codes:

CUSIP:
65562QBB0
ISIN:
US65562QBB05
Common
Code:
139944500
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.
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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.
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
June 17, 2015 and prospectus dated June 17, 2015. 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 January 1, 2016 and April 15, 2016 NIB has carried out 9 borrowing transactions in 6
different currencies, in an amount corresponding to Euro 1,870 million of which one loan is not settled.
Repayment of borrowings previously entered into corresponded to Euro 3,353 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

1

1,149

62
>3-5 years

3

556

30
>5-7 years

>7-10 years

2

63

3
longer than 10 years

3

102

5
Total

9

1,870
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 2013
financial year 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 and 2015 financial years 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 Marcus Tötterman, 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 2016 financial year.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2015 and
2014 appearing in Nordic Investment Bank's Annual Report on Form 18-K/A filed on March 18, 2016
and Form 18K/A filed on March 12, 2015, respectively, 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 year ended
December 31, 2013 appearing in Nordic Investment Bank's Annual Report on Form 18-K/A filed on
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March 17, 2014 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.

UNDERWRITING
NIB and the underwriters named below have entered into a terms agreement as of April 15, 2016
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 neither HSBC Bank plc nor Merrill Lynch International 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. 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
US$
250,000,000
Merrill Lynch International
US$
250,000,000

US$
500,000,000

EXPENSES OF THE ISSUE
NIB estimates the expenses of the issue to be Euro 100,000.
SELLING RESTRICTIONS
The information in this section regarding the representations and agreements of the agents
regarding the offer, sale and delivery of the Notes, or the distribution of this pricing supplement, the
prospectus supplement or prospectus, supplements such information in the prospectus supplement under
the heading "Plan of Distribution--Selling Restrictions."
Each of the agents has represented and agreed that it has not offered, sold or delivered and will
not offer, sell or deliver any of the Notes directly or indirectly, or distribute this prospectus supplement or
the accompanying prospectus or any other offering material relating to the Notes, in or from any
jurisdiction except under circumstances that will result in compliance with the applicable laws and
regulations thereof and that will not impose any obligations on us except as set forth in the terms
agreement.
Canada
Each of the underwriters has severally represented and agreed that the Notes may be sold only to
purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined
in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act
(Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements,
Exemptions and Ongoing Registrant Obligations. Any resale of the Notes must be made in accordance
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with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable
securities laws.
Securities legislation in certain provinces or territories of Canada may provide a purchaser with
remedies for rescission or damages if this pricing supplement, the prospectus supplement or prospectus
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission
or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of
the purchaser's province or territory. The purchaser should refer to any applicable provisions of the
securities legislation of the purchaser's province or territory for particulars of these rights or consult with
a legal advisor.
Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"),
the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding
underwriter conflicts of interest in connection with an offering of the Notes.
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, December 11, 2014 and December 10, 2015, 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 60 avenue J.F. Kennedy, L-1855 Luxembourg,
Luxembourg:
·
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
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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, 2015.

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Issuer
Nordic Investment Bank
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki
Finland
Joint Book-Runners

HSBC Bank plc
Merrill Lynch International
8 Canada Square
2 King Edward Street
London E14 5HQ
London EC1A 1HQ
United Kingdom
United Kingdom

Fiscal Agent
Citibank, N.A.
388 Greenwich Street, 14th Floor
New York, NY 10013
United States of America
Agents
Listing Agent
BNP Paribas Securities Services
Luxembourg Branch
60 avenue J.F. Kennedy
L-1855 Luxembourg
Luxembourg
New York Paying Agent
Luxembourg Paying Agent
Citibank, N.A.
BNP Paribas Securities Services
388 Greenwich Street, 14th Floor
Luxembourg Branch
New York, NY 10013
60 avenue J.F. Kennedy
United States of America
L-1855 Luxembourg
Luxembourg

Legal Advisers
To the Issuer
To the Joint Book-Runners
Mr. Sten Holmberg
Cleary Gottlieb Steen & Hamilton LLP
Chief Counsel
Neue Mainzer Str. 52
Nordic Investment Bank
60311 Frankfurt am Main
Fabianinkatu 34
Germany
P.O. Box 249
FI-00171 Helsinki
Finland
Auditors of the Issuer
KPMG Oy Ab
Töölönlahdenkatu 3A
P.O. Box 1037
FI-00101 Helsinki
Finland