Obligation Komunalbanken 2.25% ( XS0828005909 ) en NOK

Komunalbanken

100 % ⇌

Norvege

XS0828005909 ( en NOK )

2.25% par an ( paiement annuel )

12/12/2017 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken XS0828005909 en NOK 2.25%, échue

10 000 NOK

800 000 000 NOK

Kommunalbanken est une banque publique norvégienne qui fournit des services financiers aux municipalités et aux autres entités publiques norvégiennes.

Kommunalbanken, institution financière norvégienne de premier plan entièrement détenue par l'État norvégien et spécialisée dans le financement des collectivités locales et régionales, avait émis une obligation de type classique identifiable par le code ISIN XS0828005909, libellée en couronnes norvégiennes (NOK), qui affichait un taux d'intérêt annuel fixe de 2,25 %; cette émission, d'une taille totale de 800 000 000 NOK et dont la taille minimale à l'achat était fixée à 10 000 NOK, prévoyait un paiement d'intérêts annuel unique et est arrivée à échéance le 12 décembre 2017, étant intégralement remboursée à sa valeur nominale de 100 % sur le marché, confirmant ainsi la conclusion réussie de cet instrument de dette pour les investisseurs.

Final Terms dated 16 May 2013
KOMMUNALBANKEN AS
Issue of
NOK 300,000,000 2.25 per cent. Instruments due 12 December 2017
(to be consolidated and form a single series with the NOK 500,000,000 2.25 per cent. Instruments
due 12 December 2017 issued on 12 September 2012 (the "Original Instruments"))
UNDER THE
PROGRAMME FOR THE ISSUANCE OF DEBT INSTRUMENTS
The Base Prospectus referred to below (as completed by these Final Terms) has been
prepared on the basis that any offer of Instruments in any Member State of the European
Economic Area which has implemented the Prospectus Directive (each, a "Relevant
Member State") will be made pursuant to an exemption under the Prospectus Directive, as
implemented in that Member State, from the requirement to publish a prospectus for offers of
the Instruments. Accordingly any person making or intending to make an offer in that
Member State of the Instruments may only do so in circumstances in which no obligation
arises for the Issuer or the Manager to publish a prospectus pursuant to Article 3 of the
Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive, in each case, in relation to such offer. Neither the Issuer nor the Manager has
authorised, nor do they authorise, the making of any offer of Instruments in any other
circumstances.
The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive and the expression "2010 PD Amending
Directive" means Directive 2010/73/EU provided, however, that all references in this
document to the "Prospectus Directive" in relation to any Member State of the European
Economic Area refer to Directive 2003/71/EC (and amendments thereto, including the 2010
PD Amending Directive, to the extent implemented in the relevant Member State), and
include any relevant implementing measure in the relevant Member State.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
(the "Conditions") set forth in the base prospectus dated 18 April 2012. This document
constitutes the Final Terms of the Instruments described herein for the purposes of Article 5.4
of the Prospectus Directive and, save in respect of the Conditions, must be read in
conjunction with the base prospectus dated 18 April 2013, which constitutes a base
prospectus (the "Base Prospectus") for the purposes of the Prospectus Directive. The
Conditions are incorporated by reference in the Base Prospectus. Full information on the
Issuer and the offer of the Instruments is only available on the basis of the combination of
these Final Terms, the Base Prospectus and the Conditions. The Base Prospectus and the
Conditions are available for viewing at Kommunalbanken AS, Haakon VIIs gate 5b, 0110
Oslo, Norway and Deutsche Bank AG, London Branch, Winchester House, 1 Great
Winchester Street, London EC2N 2DB, United Kingdom and the website of the Luxembourg
Stock Exchange (www.bourse.lu) and copies may be obtained from Kommunalbanken AS,
Haakon VIIs gate 5b, 0110 Oslo, Norway and Deutsche Bank AG, London Branch,
Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom.
87441-3-1048-v2.0
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1.
(i)
Series Number:
4236
(ii)
Tranche Number:
2
(iii)
Date on which the Instruments
The Instruments will be consolidated, form a
become fungible:
single series and be interchangeable for
trading purposes with the Original
Instruments on the Issue Date
2.
Specified Currency:
Norwegian Krone ("NOK")
3.
Aggregate Principal Amount:

(i)
Series: NOK
800,000,000
(ii)
Tranche: NOK
300,000,000
4.
Issue Price:
102.045 per cent. of the Aggregate Principal
Amount of the Tranche plus accrued interest
from the Interest Commencement Date
5.
(i)
Specified Denominations:
NOK 10,000
(ii)
Calculation Amount:
NOK 10,000
6.
(i)
Issue Date:
21 May 2013
(ii)
Interest Commencement Date:
12 December 2012
7.
Maturity Date:
12 December 2017
8.
Type of Instruments:
Fixed Rate
9.
Interest Basis:
2.25 per cent. Fixed Rate
(further particulars specified below)
10.
Redemption/Payment Basis:
Subject to any purchase and cancellation or
early redemption, the Instruments will be
redeemed on the Maturity Date at 100 per
cent. of their nominal amount
11.
Change of Interest or Redemption/
Not Applicable
Payment Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Instruments:
Senior
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14.
Fixed Rate Instrument Provisions
Applicable
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(i)
Interest Rate:
2.25 per cent. per annum payable annually in
arrear
(ii)
Interest Payment Date(s):
12 December in each year commencing on
12 December 2013 up to, and including, the
Maturity Date
(iii)
Adjustment of Interest
Interest Payment Dates will not be adjusted
Payment Date(s) for payment
for calculation of interest; however, for
purposes:
payment purposes only, the Following
Business Day Convention will apply
(iv)
Fixed Coupon Amount:
NOK 225.00 per Calculation Amount
(v)
Party responsible for
The Calculation Agent
calculating the Fixed Coupon
Amount(s):
(vi)
Broken Amount(s):
Not Applicable
(vii) Day Count Fraction:
Actual/Actual (ICMA)
(viii) Determination Dates:
12 December in each year
(ix)
Additional Financial Centre(s) Not Applicable
relating to Business Days:
15.
Floating Rate Instrument Provisions Not Applicable
16.
Fixed Interest Discounted Issue
Not Applicable
Instrument Provisions
17.
Zero Coupon Instrument Provisions Not Applicable
18.
Index Linked Interest Instrument
Not Applicable
Provisions
19.
Share Linked Interest Instrument
Not Applicable
Provisions
20.
FX Linked Interest Instrument
Not Applicable
Provisions
21.
Fund Linked Interest Instrument
Not Applicable
Provisions
PROVISIONS RELATING TO REDEMPTION
22.
Call Option
Not Applicable
23.
Put Option
Not Applicable
24.
Automatic Early Redemption
Not Applicable
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25.
Maturity Redemption Amount of
Not Applicable
each Instrument
26.
Early Redemption Amount

(i)
Early Redemption Amount(s)
NOK 10,000 per Calculation Amount
per Calculation Amount
payable on redemption for
taxation reasons:
(ii)
Early Redemption Amount(s)
NOK 10,000 per Calculation Amount
per Calculation Amount
payable on event of default or
other early redemption:
27.
Index Linked Redemption
Not Applicable
Instruments
28.
Share Linked Redemption
Not Applicable
Instruments
29.
Instruments with Dual or Other
Not Applicable
Currency Settlement Conditions
30.
Fund Linked Redemption
Not Applicable
Instruments
31.
Commodity Linked Redemption
Not Applicable
Instruments
32.
Physical Delivery Instruments
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
33.
Form of Instruments:
Bearer Instruments:

Permanent Global Instrument which is
exchangeable for Definitive Bearer
Instruments in the limited circumstances
specified in the Permanent Global Instrument
34.
New Global Instrument:
Yes
35.
Relevant Financial Centre(s) or other TARGET System, London and Oslo
special provisions relating to
Payment Dates:
36.
Additional Financial Centre(s)
Not Applicable
relating to Relevant Financial Centre
Days:
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PART B - OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING
(i)
Listing:
Luxembourg
(ii)
Admission to trading:
Application has been made by the Issuer (or
on its behalf) for the Instruments to be
admitted to listing on the official list of the
Luxembourg Stock Exchange and to trading
on the regulated market of the Luxembourg
Stock Exchange as of the Issue Date
The Original Instruments are admitted to
listing on the official list of the Luxembourg
Stock Exchange and to trading on the
regulated market of the Luxembourg Stock
Exchange
2.
RATINGS

The Instruments to be issued are expected to be rated:

Standard & Poor's Credit Market Services Europe Limited:
AAA

Moody's Investors Service Ltd:
Aaa
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE
ISSUE/OFFER

So far as the Issuer is aware, no person involved in the offer of the Instruments has an
interest material to the offer
4.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES
(i)
Reasons
for
the
offer:
The net proceeds of the issue of the
Instruments will be applied by the Issuer to
meet part of its general financing requirements
(ii)
Estimated net proceeds:
NOK 303,468,904.11 (including 160 days'
accrued interest amounting to NOK
2,958,904.11)
(iii)
Estimated total expenses:
Not Applicable
5.
(Fixed Rate Instruments only) - YIELD

Indication of yield:
1.778 per cent. per annum
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6.
(Floating Rate Instruments only) - HISTORIC INTEREST RATES
Not
Applicable
7.
(Index-Linked or other variable-linked Instruments only) - DESCRIPTION AND
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE
Not
Applicable
8.
OPERATIONAL INFORMATION

ISIN Code:
XS0828005909
Common
Code:

082800590

CUSIP Number
Not Applicable

New Global Instrument intended to
No
be held in a manner which would
allow Eurosystem eligibility:
Whilst the designation is specified as "no" at
the date of these Final Terms, should the
Eurosystem eligibility criteria be amended in
the future such that the Instruments are
capable of meeting them the Instruments may
then be deposited with Euroclear or
Clearstream, Luxembourg as common
safekeeper. Note that this does not necessarily
mean that the Instruments will then be
recognised as eligible collateral for
Eurosystem monetary policy and intraday
credit operations by the Eurosystem at any
time during their life. Such recognition will
depend upon the ECB being satisfied that
Eurosystem eligibility criteria have been met

Clearing system(s):
Euroclear and Clearstream, Luxembourg
Delivery:
Delivery
against
payment

Names and addresses of additional
Not Applicable
Paying Agent(s) or Foreign
Exchange Agent(s) (if any):

Name and address of Luxembourg
Not Applicable
Intermediary Agent:
9.
DISTRIBUTION
(i)
Method of distribution:
Non-syndicated
(ii)
If syndicated, names and
Not Applicable
addresses of Managers and
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underwriting commitments:
(iii)
Date of Subscription
Not Applicable
Agreement:
(iv)
If non-syndicated, name and
J.P. Morgan Securities plc
address of Manager:
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
(v)
Stabilising Manager(s) (if
Not Applicable
any):
(vi)
Total (underwriting and
1.875 per cent. of the Aggregate Principal
placing) commission and
Amount of the Tranche
concession:
(vii) U.S. Selling Restrictions:
Regulation S Category 2; TEFRA C
(viii) Public Offer:
Not Applicable
10.
TERMS AND CONDITIONS OF THE OFFER
Not
Applicable
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SUMMARY OF THE ISSUE
Summaries are made up of disclosure requirements known as "Elements". These elements are
numbered in Sections A - E (A.1 - E.7).
This summary contains all the Elements required to be included in a summary for this type of
securities and issuer. Because some Elements are not required to be addressed, there may be
gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type
of securities and issuer, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is included in the summary with the
mention of "Not Applicable".

Section A - Introduction and Warnings
A.1 Introduction:

This summary should be read as introduction to the Base
Prospectus; and any decision to invest in the Instruments
should be based on consideration of the Base Prospectus
as a whole by the investor. Where a claim relating to the
information contained in the Base Prospectus is brought
before a court, the plaintiff investor might, under the
national legislation of the Member State, have to bear
the costs of translating the Base Prospectus before the
legal proceedings are initiated. Civil liability attaches
only to those persons who have tabled the summary
including any translation thereof, but only if the
summary is misleading, inaccurate or inconsistent when
read together with the other parts of the Base Prospectus
or it does not provide, when read together with the other
parts of the Base Prospectus, key information in order to
aid investors when considering whether to invest in such
Instruments.
A.2 Consent:
Not Applicable.

Section B - Issuer
B.1
Legal name of the
Kommunalbanken AS ("KBN" or the "Issuer")
Issuer:

Commercial name of
Kommunalbanken Norway (KBN)
the Issuer:
B.2
Domicile, legal form,
The Issuer is registered in Norway as a joint stock
legislation and country
company under the Norwegian law for limited
of incorporation of the
companies (Lov om aksjeselskap).
Issuer:
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B.4b Trends:
Not Applicable. There is no known trend affecting the
Issuer and the industry in which it operates.
B.5 The
Group:
Not Applicable. The Issuer does not belong to a group.
B.9 Profit
Forecast:
Not Applicable. The Issuer does not make profit
forecasts.
B.10 Audit
Report
Not Applicable. There are no qualifications in the audit
Qualifications:

reports for the Issuer.
B.12
Selected Key Financial
The table below shows certain selected summarised
Information:
financial information which is derived from, and must be
read together with, the Issuer's audited non-consolidated
financial statements for the years ending 31 December
2012 and 2011 which are incorporated by reference in
the Base Prospectus and the auditor's report and notes
thereto.
31 December

2012
2011
2010

(NOK millions)

Net interest income .....................................
2,032
1,582
1,197
Profit before tax ...........................................
2,604
1,001
1,034
Instalment loans (principal amounts) ..........
219,204
207,572
183,841
Total assets ...................................................
348,953 366,901 315,491
Senior securities issued (principal
amounts) .......................................................
312,867 338,615 290,231
Total liabilities .............................................
341,560 362,307 311,456
Share capital .................................................
2,145
1,221
1,221
Total equity ..................................................
7,393
4,594
4,034
There has been no material adverse change in the
prospects or condition of the Issuer since 31 December
2012, being the date of its last published audited
financial statements.
There has been no significant change in the financial or
trading position of the Issuer which has occurred since
31 December 2012, being the date of its last published
audited financial statements.
B.13 Recent
Events:
Not Applicable. There have been no recent events
particular to the Issuer which are to a material extent
relevant to the evaluation of the Issuer's solvency.
B.14
Dependence upon other Not Applicable. The Issuer does not belong to a group.
entities within the
Group:
B.15
The Issuer's Principal
The Issuer's principal objective is to provide loans on
Activities:
competitive terms to counties, municipalities and inter-
municipal companies for a variety of investment
projects. Loans are also granted for power plants, private
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