Obbligazione NorthInvest Bank 2.25% ( US65562QAQ82 ) in USD

Emittente NorthInvest Bank
Prezzo di mercato 100 USD  ▼ 
Paese  Finlandia
Codice isin  US65562QAQ82 ( in USD )
Tasso d'interesse 2.25% per anno ( pagato 2 volte l'anno)
Scadenza 15/03/2016 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Nordic Investment Bank (NIB) US65562QAQ82 in USD 2.25%, scaduta


Importo minimo 200 000 USD
Importo totale 1 000 000 000 USD
Cusip 65562QAQ8
Descrizione dettagliata La Nordic Investment Bank (NIB) è una banca di sviluppo multilaterale che finanzia progetti ambientali e infrastrutturali nei suoi paesi membri (Danimarca, Estonia, Finlandia, Islanda, Lettonia, Lituania, Norvegia e Svezia), nonché in altri paesi europei.

The Obbligazione issued by NorthInvest Bank ( Finland ) , in USD, with the ISIN code US65562QAQ82, pays a coupon of 2.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/03/2016









LISTING PARTICULARS
(Comprising a pricing supplement dated January 20, 2011,
prospectus dated May 22, 2007 and
prospectus supplement dated May 22, 2007)


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




US$1,000,000,000 2.250% NOTES DUE MARCH 15, 2016
Issue Price: 99.613%
The Notes will mature on March 15, 2016. 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 .............................
99.613%

0.125%

99.488%
Total ...................................
US$996,130,000

US$1,250,000

US$994,880,000
Purchasers of the Notes will also be required to pay accrued interest from January 27, 2011 if the Notes
are delivered after that date.
The underwriters expect to deliver the Notes to investors on or about January 27, 2011.
DEUTSCHE BANK
HSBC
J.P. MORGAN
BARCLAYS
DAIWA CAPITAL
NOMURA
RBC CAPITAL
CAPITAL
MARKETS EUROPE
MARKETS
The date of these Listing Particulars is January 20, 2011.







ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated May 22,
2007, relating to NIB's US$10,000,000,000 Medium-Term Note Program, Series D (the "Program") and
the accompanying prospectus dated May 22, 2007, 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 December 17, 2010, the maximum principal amount of the Program that may be issued has
been increased from U.S.$10,000,000,000 to U.S.$20,000,000,000. 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 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






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:
99.613%
Original Issue Date:
January 27, 2011
Maturity Date:
March 15, 2016
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:
2.250% per annum
Interest Payment Dates:
March 15 and September 15 of each year, starting on
September 15, 2011, 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
P-3






Foreign Currency Note:
Yes X No
Purchasers:
Deutsche Bank AG, London Branch, HSBC Bank plc,
J.P. Morgan Securities Ltd., Barclays Bank PLC, Daiwa
Capital Markets Europe Limited, Nomura International
plc and RBC Capital Markets, LLC.
Purchase Price:
99.488%
Net Proceeds, after Commissions,
US$994,880,000
to NIB:
Closing Date:
January 27, 2011
Listing:
Luxembourg
Securities Codes:

CUSIP:
65562Q AQ8
ISIN:
US65562QAQ82
Common Code:
058543977
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. See
also "Payment of Principal and Interest" below.
P-4






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






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 22, 2007 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 August 31, 2010 and January 20, 2011 NIB has carried out 24 borrowing transactions in
7 different currencies, in an amount corresponding to Euro 1,391 million*. Repayment of borrowings
previously entered into corresponded to Euro 2,515 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

16

925
67
>3-5 years

5

464
33
>5-7 years






>7-10 years

3

2
0
longer than 10 years







Total

24
1,391
100



* During the period NIB has entered into an additional new borrowing transaction that has not yet settled
corresponding to Euro 46 million.

Provisions for loan losses

Currently there are two loans in non-performing status.
Change of Independent Auditors

Based on a tender process the Control Committee of NIB appointed as its independent joint
auditors for NIB for the 2008 and 2009 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 reappointed
KPMG Oy Ab, Finland and KPMG Statsautoriseret Revisionspartnerselskab, Denmark as its independent
joint auditors for the 2010 financial year.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2009 and
2008 appearing in Nordic Investment Bank's Annual Report on Form 18-K filed on May 12, 2010 and on
Form 18-K filed on May 14, 2009, 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. The financial statements of Nordic
Investment Bank for the year ended December 31, 2007 appearing in Nordic Investment Bank's Annual
Reports on Form 18-K/A filed on April 4, 2008 and Form 18-K filed on May 9, 2008 have been audited
by Ernst & Young, independent auditors, as set forth in their reports 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






PLAN OF DISTRIBUTION
NIB and the underwriters named below have entered into a terms agreement as of January 20,
2011 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. 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
Deutsche Bank AG, London Branch
U.S.$
320,000,000
HSBC Bank plc
U.S.$
320,000,000
J.P. Morgan Securities Ltd.
U.S.$
320,000,000
Daiwa Capital Markets Europe Limited
U.S.$
10,000,000
Barclays Bank PLC
U.S.$
10,000,000
Nomura International plc
U.S.$
10,000,000
RBC Capital Markets, LLC
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 and December 16, 2010 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;
· the audited annual financial statements of NIB;
· future annual financial reports of NIB; and
· any related notes to these items.
P-7






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, 2009.
United States Federal Income Tax Considerations
The second sentence of the section "United States Federal Income Tax Considerations --
Payments of Interest" beginning on page S-33 of the accompanying prospectus supplement is replaced by
the following sentence:
Such income will constitute income from sources without the United States for foreign tax credit
purposes and will be considered "passive category income" or, in the case of certain holders, "general
category income."
P-8






Issuer
Nordic Investment Bank
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki
Joint Book-runners
Deutsche Bank AG,
HSBC Bank plc
J.P. Morgan Securities Ltd.
London Branch
8 Canada Square
125 London Wall
Winchester House
London E14 5HQ
London EC2Y 5AJ
1 Great Winchester Street
London EC2N 2DB
Fiscal Agent
Citibank, N.A.
388 Greenwich Street, 14th Floor
New York, NY 10013
Agents
Listing Agent
BNP Paribas Securities Services
Luxembourg Branch
33 rue de Gasperich
L-5826 Hesperange
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
33 rue de Gasperich
L-5826 Hesperange
Luxembourg
Legal Advisers
To the Issuer
To the Underwriters
Mr. Sten Holmberg
Cleary Gottlieb Steen & Hamilton LLP
Chief Counsel
Neue Mainzer Str. 52
Nordic Investment Bank
D-60311 Frankfurt am Main
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki
Auditors of the Issuer
KPMG Oy Ab
Mannerheimintie 20 B
P.O. Box 1037
FI-00101 Helsinki








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

Nordic Investment Bank
U.S. $10,000,000,000
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 22, 2007.


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