Obligation NorthInvest Bank 1.5% ( US65562QBF19 ) en USD

NorthInvest Bank

100 % ▲

Finlande

US65562QBF19 ( en USD )

1.5% par an ( paiement semestriel )

09/08/2019 - Obligation échue

Prospectus brochure de l'obligation Nordic Investment Bank (NIB) US65562QBF19 en USD 1.5%, échue

200 000 USD

500 000 000 USD

65562QBF1

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.

L'Obligation émise par NorthInvest Bank ( Finlande ) , en USD, avec le code ISIN US65562QBF19, paye un coupon de 1.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 09/08/2019

LISTING PARTICULARS
(Comprising a Pricing Supplement dated August 2, 2017,
Prospectus dated May 26, 2017 and
Prospectus Supplement dated May 26, 2017)

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

US$500,000,000 1.500% NOTES DUE August 9, 2019
Issue Price: 99.922%
The Notes will mature at 100% of their principal amount on August 9, 2019. 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 .............................
99.922%

0.020%

99.902%
Total ...................................
US$499,610,000

US$100,000

US$499,510,000
The underwriters will also be required to pay accrued interest from August 9, 2017 if the Notes are
delivered after that date.
The underwriters expect to deliver the Notes to investors on or about August 9, 2017.
BofA Merrill Lynch
RBC Capital Markets

The date of these Listing Particulars is August 2, 2017.

ABOUT THIS PRICING SUPPLEMENT
This pricing supplement supplements the accompanying prospectus supplement dated May 26,
2017, relating to NIB's US$20,000,000,000 Medium-Term Note Program, Series D, and the
accompanying prospectus dated May 26, 2017, 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 26,
2017 and prospectus dated May 26, 2017, 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.
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 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$500,000,000
Issue Price:
99.922%
Original Issue Date:
August 9, 2017
Maturity Date:
August 9, 2019
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:
1.500% per annum
Interest Payment Dates:
February 9 and August 9 in each year, starting on
February 9, 2018, until and 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:
The Business Day 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
Foreign Currency Note:
Yes X No
P-3

Purchasers:
Merrill Lynch International and RBC Capital Markets,
LLC
Purchase Price:
99.902%
Net Proceeds, after Discounts and
US$499,510,000
Commissions, to NIB:
Closing Date:
August 9, 2017
Listing:
Luxembourg
Securities Codes:

CUSIP:
65562QBF1
ISIN:
US65562QBF19
Common Code:
166232856
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.
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-4

INDEPENDENT AUDITORS
The Control Committee of NIB appointed as its independent joint auditors for NIB 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 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. Following the resignation of Hans
Åkervall, Authorized Public Accountant Anders Tagde, representing KPMG AB, Sweden, replaced Mr.
Åkervall as of October 20, 2016. NIB has appointed authorized Public Accountant Marcus Tötterman,
representing the accounting from KPMG Oy Ab, Finland, and Authorized Public Accountant Anders
Tagde, representing KPMG AB, Sweden, as its independent joint auditors for the 2017 financial year.
EXPERTS
The financial statements of Nordic Investment Bank for the years ended December 31, 2016,
2015 and 2014 appearing in Nordic Investment Bank's Annual Report on Form 18-K/A filed on
March 22, 2017, Form 18-K/A filed on March 18, 2016 and Form 18-K/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. 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 August 2, 2017
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 Merrill Lynch International is not registered with the SEC as a U.S. registered
broker-dealer, Merrill Lynch International 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
Merrill Lynch International
US$
250,000,000
RBC Capital Markets, LLC
US$
250,000,000

US$
500,000,000

EXPENSES OF THE ISSUE
NIB estimates the expenses of the issue to be Euro 100,000.
P-5

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, December 10, 2015, December 12, 2016
and April 25, 2017, 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
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
P-6

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, 2016.

P-7

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-217876
PROSPECTUS SUPPLEMENT
(To Prospectus dated May 26, 2017)
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
·
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-7 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 accompanying prospectus is truthful or complete. Any representation to the contrary is
a criminal offense.
Citigroup
Goldman Sachs & Co. LLC
This prospectus supplement is dated May 26, 2017.

TABLE OF CONTENTS
Prospectus Supplement
Page
ABOUT THIS PROSPECTUS SUPPLEMENT
S-3
SUMMARY
S-4
RISK FACTORS
S-7
DESCRIPTION OF THE NOTES
S-17
PLAN OF DISTRIBUTION
S-36
GLOSSARY
S-40
ANNEX A FORM OF PRICING SUPPLEMENT
A-1
Prospectus
Page
ABOUT THIS PROSPECTUS
2
FORWARD-LOOKING STATEMENTS
2
NORDIC INVESTMENT BANK
3
USE OF PROCEEDS
4
DESCRIPTION OF THE SECURITIES
5
LEGAL STATUS
9
UNITED STATES TAXATION
11
PLAN OF DISTRIBUTION
19
VALIDITY OF THE SECURITIES
20
AUTHORIZED REPRESENTATIVE
20
EXPERTS
20
WHERE YOU CAN FIND MORE INFORMATION
20
S-2

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 26, 2017 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.
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.
S-3

Document Outline

#1">Nordic Investment Bank
#1">Medium-Term Notes, Series D Due Nine Months or More from Date of Issue
#2">ABOUT THIS PRICING SUPPLEMENT
#2">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.
#3">DESCRIPTION OF THE NOTES
#5">UNDERWRITING