Bond NorthInvest Bank 0% ( US65562QBR56 ) in USD

NorthInvest Bank

100 % ▼

Finland

US65562QBR56 ( in USD )

11/05/2026

Prospectus brochure of the bond Nordic Investment Bank (NIB) US65562QBR56 en USD 0%, maturity 11/05/2026

200 000 USD

1 200 000 000 USD

65562QBR5

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 US65562QBR56, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 11/05/2026

Filed pursuant to Rule 424(b)(2)
Registration No. 333-250159

LISTING PARTICULARS
(Comprising a Pricing Supplement dated May 6, 2022,
Prospectus dated December 18, 2020 and
Prospectus Supplement dated December 18, 2020)

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

US$ 50,000,000 SOFR FLOATING RATE NOTES DUE MAY 12, 2026
Issue Price: 103.205% (plus accrued interest from May 12, 2022)
The Notes wil mature at 100% of their principal amount on May 12, 2026. The Notes wil constitute a
further issuance of, and be consolidated, form a single issue and be fully fungible with, NIB's outstanding
USD 700,000,000 SOFR floating rate notes due May 12, 2026 and issued on May 12, 2021. The Notes
wil not be redeemable before maturity and wil 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 16, 2019 (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........................................
103.205 %

0.000%
103.205%
Total..............................................
US$51,602,500

US$0
US$51,602,500
The underwriter will also be required to pay (i) 4 days accrued interest of USD 7,222.22, and (ii) accrued interest
from May 16, 2022 if the Notes are delivered after that date.
The underwriter expects to deliver the Notes to investors on or about May 16, 2022.

Nomura

The date of these Listing Particulars is May 5, 2022.

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated
December 18, 2020, relating to NIB's US$20,000,000,000 Medium-Term Note Program, Series D, and
the accompanying prospectus dated December 18, 2020, 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
December 18, 2020 and prospectus dated December 18, 2020, fulfil s the requirement for a voluntarily
al eviated 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. Al 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 sel 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 al 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 agreements dated October 2, 2009, December 17, 2010 and 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$50,000,000
Issue Price:
103.205%
Original Issue Date:
May 16, 2022
Maturity Date:
May 12, 2026
Specified Currency:
U.S. Dollars
Authorized Denominations:
US$200,000 and integral multiples of US$1,000
thereafter
Form:
The Notes wil 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:
Compounded SOFR + the Margin
Margin:
+ 100bps per annum
Compounded SOFR:
Subject to the "Compounded SOFR Fal back Provisions"
below, for any Interest Period, Compounded SOFR wil
be calculated by the Calculation Agent on each Interest
Determination Date as follows and the resulting
percentage wil be rounded, if necessary, to the nearest
one hundred-thousandth of a percentage point, with
0.000005 being rounded upwards:

where:
"SOFR IndexStart" means the SOFR Index value on the
day which is five U.S. Government
Securities Business Days preceding the
first date of the relevant Interest Period
"SOFR IndexEnd" means the SOFR Index value on the
day which is five U.S. Government
Securities Business Days preceding the
Interest Payment Date relating to such
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Interest Period (or in the final Interest
Period, the Maturity Date)
"dc" means the number of calendar days in the
Observation Period relating to such Interest Period
"Observation Period" means the period from and
including five U.S. Government Securities Business
Days preceding an Interest Payment Date to but
excluding five U.S. Government Securities Business
Days preceding the next Interest Payment Date, provided
that the first Observation Period shal be from and
including five U.S. Government Securities Business
Days preceding the Settlement Date to but excluding the
five U.S. Government Securities Business Days
preceding the first Interest Payment Date.
SOFR Index:
The SOFR Index in relation to any U.S. Government
Securities Business Day shal be the value as published
by the SOFR Administrator on the SOFR
Administrator's Website at 3:00 p.m. (New York Time)
on such U.S. Government Securities Business Day
("SOFR Determination Time").
Compounded SOFR Fal back
SOFR Index Unavailable:
Provisions:
If a SOFR IndexStart or SOFR IndexEnd is not
published on the associated Interest Determination Date
and a Benchmark Transition Event and its related
Benchmark Replacement Date have not occurred with
respect to SOFR Index or SOFR, "Compounded SOFR"
means, for the applicable Interest Period for which such
index is not available, the rate of return on a daily
compounded interest investment calculated by the
Calculation Agent in accordance with the formula for
SOFR Averages, and definitions required for such
formula, published on the SOFR Administrator's
Website at
https://www.newyorkfed.org/markets/treasury-repo-
reference-rates-information (or any replacement page).
For the purposes of this provision, references in the
SOFR Averages compounding formula and related
definitions to "calculation period" shal be replaced with
"Observation Period" and the words "that is, 30-, 90-, or
180- calendar days" shal be removed. If the daily SOFR
("SOFRi") does not so appear for any day "i" in the
Observation Period, SOFRi for such day "i" shal be
SOFR published in respect of the first preceding U.S.
Government Securities Business Day for which SOFR
was published on the SOFR Administrator's Website.
If a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred during
such Interest Period, the provisions below under "Effect
of Benchmark Transition Event" shal apply to that
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Interest Period and any future Interest Periods (subject to
the occurrence of any future Benchmark Transition
Event).
Effect of Benchmark Transition Event
Notwithstanding the foregoing, if for any Interest
Determination Date NIB determines on or prior to the
relevant Reference Time that a Benchmark Transition
Event and its related Benchmark Replacement Date have
occurred with respect to the then-current Benchmark
(including any daily published component used in the
calculation thereof), NIB shal use reasonable endeavors,
as soon as reasonably practicable, to appoint an
Independent Adviser to determine (in consultation with
NIB) the Benchmark Replacement which wil replace
the then-current Benchmark (or such component) for al
purposes relating to the Notes in respect of al
determinations on such date and for al determinations
on al subsequent Interest Determination Dates (subject
to the subsequent operation of this provision).
In connection with the implementation of a Benchmark
Replacement, the Independent Adviser, in consultation
with NIB, wil have the right to make Benchmark
Replacement Conforming Changes from time to time.
Any determination, decision or election that may be
made by the Independent Adviser, in consultation with
NIB, pursuant to this section, including any
determination with respect to a rate or adjustment or of
the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain
from taking any action or any selection:
(1) wil be conclusive and binding absent manifest error;
(2) wil be made in the sole discretion of the
Independent Adviser, in consultation with NIB, as
applicable; and
(3) notwithstanding anything to the contrary in the
documentation relating to the Notes, shal become
effective without consent from the holders of the
Notes or any other party.
If NIB is not able to appoint an Independent Adviser or
the Independent Adviser does not determine a
Benchmark Replacement, then Compounded SOFR shal
be determined by NIB in accordance with the provisions
as set out below.
Where:
"Benchmark" means, initial y, Compounded SOFR as
such terms are defined above; provided that if for any
Interest Determination Date NIB determines on or prior
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to the Reference Time that a Benchmark Transition
Event and its related Benchmark Replacement Date have
occurred with respect to Compounded SOFR (including
any daily published component used in the calculation
thereof) or the then-current Benchmark, then
"Benchmark" means the applicable Benchmark
Replacement.
"Benchmark Replacement" means the first alternative
set forth in the order below that can be determined by the
Independent Adviser, in consultation with NIB, as of the
Benchmark Replacement Date.
(1) the sum of: (a) the alternate reference rate that has
been selected or recommended by the Relevant
Governmental Body as the replacement for the then-
current Benchmark (including any daily published
component used in the calculation thereof) and (b)
the Benchmark Replacement Adjustment;
(2) the sum of: (a) the ISDA Fal back Rate and (b) the
ISDA Fal back Adjustment; or
(3) the sum of: (a) the alternate reference rate that has
been selected by the Independent Adviser, in
consultation with NIB, as the replacement for the
then-current Benchmark (including any daily
published component used in the calculation thereof)
giving due consideration to any industry- accepted
reference rate as a replacement for the then-current
Benchmark (or such component) for U.S. dollar
denominated floating rate notes at such time and (b)
the Benchmark Replacement Adjustment.
"Benchmark Replacement Adjustment" means the
first alternative set forth in the order below that can be
determined by the Independent Adviser, in consultation
with NIB, as of the Benchmark Replacement Date:
(1) the spread adjustment, or method for calculating or
determining such spread adjustment, (which may be
a positive or negative value or zero) that has been
selected or recommended by the Relevant
Governmental Body for the applicable Unadjusted
Benchmark Replacement; or
(2) the spread adjustment (which may be a positive or
negative value or zero) that has been selected by the
Independent Adviser, in consultation with NIB,
giving due consideration to any industry-accepted
spread adjustment, or method for calculating or
determining such spread adjustment, for the
replacement of the then-current Benchmark
(including any daily published component used in
the calculation thereof) with the applicable
Unadjusted Benchmark Replacement for U.S. dollar
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denominated floating rate notes at such time.
"Benchmark Replacement Conforming Changes"
means, with respect to any Benchmark Replacement, any
technical, administrative or operational changes
(including changes to the timing and frequency of
determining rates and making payments of interest,
rounding of amounts and other administrative matters
(including changes to the fal back provisions)) that the
Independent Adviser, in consultation with NIB, decides
may be appropriate to reflect the adoption of such
Benchmark Replacement in a manner substantial y
consistent with market practice (or, if the Independent
Adviser, in consultation with NIB, decides that adoption
of any portion of such market practice is not
administratively feasible or if the Independent Adviser,
in consultation with NIB, determines that no market
practice for use of the Benchmark Replacement exists, in
such other manner as the Independent Adviser, in
consultation with NIB, determines is reasonably
necessary).
"Benchmark Replacement Date" means the earliest to
occur of the following events with respect to the then-
current Benchmark (including any daily published
component used in the calculation thereof):
(1) in the case of clause (1) or (2) of the definition of
"Benchmark Transition Event," the later of (a) the
date of the public statement or publication of
information referenced therein and (b) the date on
which the administrator of the Benchmark (or such
component) permanently or indefinitely ceases to
provide the Benchmark (or such component); or
(2) in the case of clause (3) of the definition of
"Benchmark Transition Event," the date of the
public statement or publication of information
referenced therein.
For the avoidance of doubt, if the event that gives rise to
the Benchmark Replacement Date occurs on the same
day as, but earlier than, the Reference Time in respect of
any determination, the Benchmark Replacement Date
wil be deemed to have occurred prior to the Reference
Time for such determination.
"Benchmark Transition Event" means the occurrence
of one or more of the following events with respect to
the then-current Benchmark (including any daily
published component used in the calculation
thereof):
(1) a public statement or publication of information by
or on behalf of the administrator of the Benchmark
(or such component) announcing that such
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administrator has ceased or wil cease to provide the
Benchmark (or such component), permanently or
indefinitely, provided that, at the time of such
statement or publication, there is no successor
administrator that wil continue to provide the
Benchmark (or such component); or
(2) a public statement or publication of information by
the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank
for the currency of the Benchmark (or such
component), an insolvency official with jurisdiction
over the administrator for the Benchmark (or such
component), a resolution authority with jurisdiction
over the administrator for the Benchmark (or such
component) or a court or an entity with similar
insolvency or resolution authority over the
administrator for the Benchmark (or such
component), which states that the administrator of
the Benchmark (or such component) has ceased or
wil cease to provide the Benchmark (or such
component) permanently or indefinitely, provided
that, at the time of such statement or publication,
there is no successor administrator that wil continue
to provide the Benchmark (or such component); or
(3) a public statement or publication of information by
the regulatory supervisor for the administrator of the
Benchmark (or such component) announcing that the
Benchmark (or such component) is no longer
representative.
"Independent Adviser" means a reputable independent
financial institution or other reputable independent
financial adviser experienced in the international debt
capital markets, in each case appointed by NIB at its
own expense.
"ISDA Definitions" means the 2006 ISDA Definitions
published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or
supplemented from time to time, or any successor
definitional booklet for interest rate derivatives
published from time to time.
"ISDA Fallback Adjustment" means the spread
adjustment (which may be a positive or negative value or
zero) that would apply for derivatives transactions
referencing the ISDA Definitions to be determined upon
the occurrence of an index cessation event.
"ISDA Fallback Rate" means the rate that would apply
for derivatives transactions referencing the ISDA
Definitions to be effective upon the occurrence of an
index cessation event with respect to the Benchmark
(including any daily published component used in the
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calculation thereof) of the applicable tenor excluding any
applicable ISDA Fal back Adjustment.
"Reference Time" with respect to any determination of
the Benchmark means the SOFR Determination Time, or
(if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred), the time
determined by the Independent Adviser, in consultation
with NIB, after giving effect to the Benchmark
Replacement Conforming Changes.
"Relevant Governmental Body" means the Federal
Reserve Board and/or the Federal Reserve Bank of New
York, or a committee official y endorsed or convened by
the Federal Reserve Board and/or the Federal Reserve
Bank of New York or any successor thereto.
"SOFR Administrator" means the Federal Reserve
Bank of New York or any successor administrator of the
SOFR Index and Secured Overnight Financing Rate.
"SOFR Administrator's Website" means the website
of the SOFR Administrator.
"Unadjusted Benchmark Replacement" means the
Benchmark Replacement excluding the Benchmark
Replacement Adjustment.
In the event Compounded SOFR cannot be determined
in accordance with the foregoing provisions,
Compounded SOFR wil be (i) that determined at the last
preceding Interest Determination Date or (i ) if there is
no such preceding Interest Determination Date, the
initial Interest Rate (minus the Margin) which would
have been applicable to the Notes for the scheduled first
Interest Period had the Notes been in issue for a period
equal in duration to the scheduled first Interest Period
but ending on, and excluding, the Issue Date.
Interest Periods:
Each quarterly period from, and including, the prior
Interest Payment Date (or, in the case of the first Interest
Period, the Issue Date) to, but excluding, the next
Interest Payment Date (or, in the case of the final Interest
Period, the Maturity Date).
Interest Payment Dates:
Quarterly in arrear, every February 12, May 12, August
12 and November 12, up to and including the Maturity
Date, subject to the Business Day Convention,
commencing on August 12, 2022.
Day Count Fraction:
ACT/360
Interest Determination Date:
The date fal ing five U.S. Government Securities
Business Days prior to the final day of each Interest
Period.
U.S. Government Securities
Any day except for a Saturday, a Sunday or a day on
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