Obligation NorthInvest Bank 1% ( US65562QAS49 ) en USD

NorthInvest Bank

100 % ▲

Finlande

US65562QAS49 ( en USD )

1% par an ( paiement semestriel )

07/03/2017 - Obligation échue

Prospectus brochure de l'obligation Nordic Investment Bank (NIB) US65562QAS49 en USD 1%, échue

200 000 USD

1 250 000 000 USD

65562QAS4

NR

NR

La Nordic Investment Bank (NIB) est une banque multilatérale de développement appartenant aux pays nordiques et détenue par leurs gouvernements, qui finance des projets de développement dans ces pays et dans les pays voisins de la région de la Baltique.

Cet article fournit une analyse détaillée d'une obligation émise par la Nordic Investment Bank (NIB), une institution financière multilatérale : l'instrument financier examiné ici est une obligation portant le code ISIN US65562QAS49, également identifiée par le code CUSIP 65562QAS4 ; la Nordic Investment Bank (NIB) est une institution financière internationale (IFI) créée en 1975 par les pays nordiques (Danemark, Estonie, Finlande, Islande, Lettonie, Lituanie, Norvège, Suède) et les pays baltes, ayant pour objectif principal de financer des projets qui renforcent la compétitivité et améliorent l'environnement dans ses pays membres et au-delà, et est réputée pour sa solide assise financière et ses opérations prudentes, ce qui lui confère généralement une excellente réputation sur les marchés des capitaux ; cette émission, originaire de Finlande, a été libellée en dollars américains (USD), offrait un taux d'intérêt nominal de 1%, et représentait une taille totale d'émission de 1 250 000 000 USD, avec une taille minimale d'achat fixée à 200 000 USD et des paiements d'intérêts effectués avec une fréquence de deux fois par an ; la date de maturité de cette obligation était le 7 mars 2017, et il est important de noter que cet instrument a atteint sa maturité et a été intégralement remboursé, comme en témoigne son prix de marché au moment de son échéance, qui était de 100% de sa valeur nominale ; concernant les notations de crédit, cette obligation spécifique a reçu la mention "NR" (Non Notée) tant de la part de l'agence Standard & Poor's (S&P) que de Moody's.

LISTING PARTICULARS
(Comprising a pricing supplement dated January 31, 2012,
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 1.000% NOTES DUE March 7, 2017
Issue Price: 99.728%
The Notes will mature at 100% of their principal amount on March 7, 2017. 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 .............................
99.728%
0.125%
99.603%
Total ...................................
US$1,246,600,000
US$1,562,500
US$1,245,037,500
Purchasers of the Notes will also be required to pay accrued interest from February 7, 2012 if the Notes
are delivered after that date.
The underwriters expect to deliver the Notes to investors on or about February 7, 2012.
BARCLAYS
DAIWA CAPITAL
DEUTSCHE BANK
J.P. MORGAN
CAPITAL
MARKETS EUROPE
BofA
NOMURA NORDEA
RBC
CAPITAL
STANDARD
MERRILL LYNCH
MARKETS
CHARTERED
BANK
The date of these Listing Particulars is January 31, 2012

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated May 6,
2011, relating to NIB's US$20,000,000,000 Medium-Term Note Program, Series D, and the
accompanying prospectus dated May 22, 2007, relating to NIB's debt securities and warrants. If the
information in this pricing supplement differs from the information contained in the prospectus
supplement or the prospectus, you should rely on the information in this pricing supplement.
This pricing supplement, together with the accompanying prospectus supplement dated May 6,
2011 and prospectus dated May 22, 2007, fulfills the requirement for a simplified prospectus pursuant to
chapter 2 of Part III of the Luxembourg Prospectus Act.
You should read this pricing supplement along with the accompanying prospectus supplement
and prospectus. All three documents contain information you should consider when making your
investment decision. You should rely only on the information provided or incorporated by reference in
this pricing supplement, the prospectus supplement and the prospectus. NIB has not authorized anyone
else to provide you with different information. NIB and the purchasers are offering to sell the Notes and
seeking offers to buy the Notes only in jurisdictions where it is lawful to do so. The information
contained in this pricing supplement and the accompanying prospectus supplement and prospectus is
current only as of its date.
NIB is furnishing this pricing supplement, the prospectus supplement and the prospectus solely
for use by prospective investors in connection with their consideration of a purchase of the Notes. NIB
confirms that:

the information contained in this pricing supplement and the accompanying prospectus
supplement and prospectus is true and correct in all material respects and is not misleading;

it has not omitted other facts the omission of which makes this pricing supplement and the
accompanying prospectus supplement and prospectus as a whole misleading; and

it accepts responsibility for the information it has provided in this pricing supplement and the
accompanying prospectus supplement and prospectus.
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DESCRIPTION OF THE NOTES
NIB will issue the Notes under the Fiscal Agency Agreement dated as of May 22, 2007, as
amended by an agreement dated October 2, 2009 and as further amended by an agreement dated
December 17, 2010. The information contained in this section and in the prospectus supplement and the
prospectus summarizes some of the terms of the Notes and the Fiscal Agency Agreement. This summary
does not contain all of the information that may be important to you as a potential investor in the Notes.
You should read the Fiscal Agency Agreement and the form of the Notes before making your investment
decision. NIB has filed copies of these documents with the SEC and has filed copies of these documents
at the offices of the fiscal agent and the paying agent.
Aggregate Principal Amount:
US$1,250,000,000
Issue Price:
99.728%
Original Issue Date:
February 7, 2012
Maturity Date:
March 7, 2017
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:
1.000% per annum
Interest Payment Dates:
March 7 and September 7 of each year, starting on
September 7, 2012, 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
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Foreign Currency Note:
Yes X No
Purchasers:
Barclays Bank PLC, Daiwa Capital Markets Europe
Limited, Deutsche Bank AG, London Branch, J.P.
Morgan Securities Ltd., Merrill Lynch International,
Nomura International plc, Nordea Bank Danmark A/S,
RBC Capital Markets, LLC and Standard Chartered
Bank.
Purchase Price:
99.603%
Net Proceeds, after Commissions,
US$1,245,037,500
to NIB:
Closing Date:
February 7, 2012
Listing: Luxembourg
Securities Codes:

CUSIP:
65562QAS4

ISIN:
US65562QAS49
Common
Code:
074354866
Fiscal Agent:
Citibank, N.A.
Paying Agent:
Citibank, N.A.
Luxembourg Paying Agent:
BNP Paribas Securities Services, Luxembourg Branch
Calculation Agent:
Citibank, N.A.
Exchange Rate Agent:
Citibank, N.A.
Transfer Agent:
Citibank, N.A.
Further Issues:
NIB may from time to time, without the consent of
existing holders, create and issue further Notes having
the same terms and conditions as the Notes being offered
hereby in all respects, except for the issue date, issue
price and, if applicable, the first payment of interest
thereon. Additional Notes issued in this manner will be
consolidated with, and will form a single series with, the
previously outstanding Notes.
Payment of Principal and Interest:
Under the laws of New York, claims relating to payment
of principal and interest on the Notes will be prescribed
according to the applicable statute of limitations, which
would bar any such claim no earlier than 6 years after
the payment date. See also "Payment of Principal and
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Interest" below.
Governing Law:
The Notes will be governed by, and construed in
accordance with, New York law, except for
authorization and execution of the Notes by NIB and any
other matters required to be governed by the 2004
Agreement and the Statutes of NIB, as amended.
Further Information:
See "General Information Relating to the Luxembourg
Stock Exchange Listing".
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NORDIC INVESTMENT BANK - RECENT DEVELOPMENTS
The information included in this section supplements the information about NIB corresponding to
the headings below that is incorporated by reference in the accompanying prospectus supplement dated
May 6, 2011 and prospectus dated May 22, 2007. To the extent that the information included in this
section differs from the information incorporated by reference in the prospectus, you should rely on the
information in this section.
Between August 31, 2011 and January 31, 2012 NIB has carried out 20 borrowing transactions in
8 different currencies, in an amount corresponding to Euro 894 million*. Repayment of borrowings
previously entered into corresponded to Euro 1,192 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

3

88

10
>3-5 years

6

355

40
>5-7 years

>7-10 years

6

134

15
longer than 10 years

5

317

35
2
Total

20

894

100

* During the period NIB has entered into one additional new borrowing transaction that has not yet settled
corresponding to Euro 35 million.

Provisions for loan losses

Currently there are no loans in non-performing status.
Independent Auditors

The Control Committee of NIB appointed as its independent joint auditors for NIB for the 2009,
2010 and 2011 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 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 as its
independent joint auditors for the 2012 financial year.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2010,
2009 and 2008 appearing in Nordic Investment Bank's Annual Report on Form 18-K filed on May 6,
2011, 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. 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.

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PLAN OF DISTRIBUTION
NIB and the underwriters named below have entered into a terms agreement as of January 31,
2012 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 Barclays Bank PLC, Daiwa Capital Markets Europe Limited, Deutsche
Bank AG, London Branch, J.P. Morgan Securities Ltd., Merrill Lynch International, Nomura
International plc, Nordea Bank Danmark A/S or Standard Chartered Bank 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
Barclays Bank PLC
U.S.$
296,875,000
Daiwa Capital Markets Europe Limited
U.S.$
296,875,000
Deutsche Bank AG, London Branch
U.S.$
296,875,000
J.P. Morgan Securities Ltd.
U.S.$
296,875,000
Merrill Lynch International
U.S.$
12,500,000
Nomura International plc
U.S.$
12,500,000
Nordea Bank Danmark A/S
U.S.$
12,500,000
RBC Capital Markets, LLC
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 15, 2011, 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
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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.
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, 2010.
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Issuer
Nordic Investment Bank
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki
Joint Book-runners
Barclays Bank PLC
Daiwa Capital Markets
Deutsche Bank AG,
J.P. Morgan Securities
5 The North Colonnade
Europe Limited
London Branch
Ltd.
Canary Wharf
5 King William Street
Winchester House
125 London Wall
London E14 4BB
London EC4N 7AX
1 Great Winchester Street
London EC2Y 5AJ

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. $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.

Document Outline

#1">Listing Particulars (Final Pricing Supp)
#10">372312_1(NIB Series D Prospectus Supplement (dated May 6, 2011) and Base Prospectus (dated May 22, 2007)) (2)