Obligation Komunalbanken AS 0% ( XS1203975088 ) en USD

Komunalbanken AS

100 % ⇌

Norvege

XS1203975088 ( en USD )

17/03/2020 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken As XS1203975088 en USD 0%, échue

100 000 USD

1 700 000 000 USD

Kommunalbanken AS est une banque norvégienne publique qui fournit des services financiers aux municipalités et aux autres entités du secteur public en Norvège.

L'Obligation émise par Komunalbanken AS ( Norvege ) , en USD, avec le code ISIN XS1203975088, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/03/2020

Execution Version

Final Terms dated 5 June 2017
KOMMUNALBANKEN AS
Issue of
USD 400,000,000 Floating Rate Instruments due March 2020 (the "Instruments")
(to be consolidated and form a single series with the USD 500,000,000 Floating Rate Instruments due
March 2020 issued on 17 March 2015, USD 300,000,000 Floating Rate Instruments due March 2020
issued on 3 June 2015 and USD 350,000,000 Floating Rate Instruments due March 2020 issued on 8
March 2017 (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
any 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 any 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 (as amended, including
by Directive 2010/73/EU), and includes 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 17 April 2014. 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 7 April 2017, which constitutes a base prospectus for the
purposes of the Prospectus Directive (the "Base Prospectus"). A summary of the Instruments
(which compromises the summary in the Base Prospectus as amended to reflect the provisions
of these Final Terms) is annexed to these Final Terms. 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.

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1.
(i)
Series Number:
4925
(ii)
Tranche Number:
4
(iii)
Date on which the Instruments
The Instruments shall be consolidated, form
become fungible:
a single series and be interchangeable for
trading purposes with those Original
Instruments also represented by a Rule
144A Global Instrument on the Issue Date
and the Instruments represented by the
Regulation S Global Instrument will be
consolidated, become fungible and form a
single
Series
with
those
Original
Instruments
also
represented
by
a
Regulation S Global Instrument not earlier
than 40 days from the Issue Date following
the expiration of the distribution compliance
period (as defined in Regulation S)
2.
Specified Currency:
United States Dollars ("USD")

Condition 9.4(g) (Alternative Currency):
Not Applicable
3.
Aggregate Principal Amount:

(i)
Series:
USD 1,550,000,000
(ii)
Tranche:
USD 400,000,000
4.
Issue Price:
100.116 per cent. of the Aggregate Principal
Amount plus 82 days accrued interest from,
and including, the Interest Commencement
Date to, but excluding, the Issue Date
5.
(i)
Specified Denominations:
USD 100,000 and multiples of USD 2,000
thereafter
(ii)
Calculation Amount:
USD 2,000
6.
(i)
Issue Date:
7 June 2017
(ii)
Interest Commencement Date:
17 March 2017
7.
Maturity Date:
Interest Payment Date falling in or nearest
to March 2020
8.
Types of Instruments:
Floating Rate
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9.
Interest Basis:
3-month USD LIBOR + 0.07 per cent.
Floating 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
Not Applicable
15.
Floating Rate Instrument Provisions
Applicable
(i)
Interest Period(s):
Quarterly
(ii)
Specified Period:
Not Applicable
(iii)
Interest Payment Dates:
Interest shall be payable quarterly in arrear
on 17 June, 17 September, 17 December
and 17 March of each year commencing on
the First Interest Payment Date, up to and
including the Maturity Date
(iv)
First Interest Payment Date:
19 June 2017 (as adjusted)
(v)
Business Day Convention:
Modified
Following
Business
Day
Convention
(vi)
Manner in which the Interest
ISDA Determination
Rate(s) is/are to be determined:
(vii)
Screen Rate Determination:
Not Applicable
(viii) ISDA Determination:
Applicable

Floating Rate Option:
USD-LIBOR-BBA

Designated Maturity:
3 months

Reset Date:
2 London Banking Days prior to the first
day of each Interest Period
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Variable Rate:
Not Applicable
(ix)
Linear Interpolation:
Not Applicable
(x)
Margin(s):
+0.07 per cent. per annum
(xi)
Minimum Interest Rate:
Not Applicable
(xii)
Maximum Interest Rate:
Not Applicable
(xiii) Day Count Fraction:
Actual/360
(xiv) Weighted Average Reference
Not Applicable
Rate:
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.
Notice periods for Condition 6.2 (Early
As set out in Condition 6.2
Redemption for Taxation Reasons):
23.
Call Option
Not Applicable
24.
Put Option
Not Applicable
25.
Automatic Early Redemption
Not Applicable
26.
Maturity Redemption Amount of
USD 2,000 per Calculation Amount
each Instrument
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27.
Early Redemption Amount

(i)
Early Redemption Amount(s)
USD 2,000 per Calculation Amount
per Calculation Amount payable
on redemption for taxation
reasons:
(ii)
Early Redemption Amount(s)
USD 2,000 per Calculation Amount
per Calculation Amount payable
on event of default or other early
redemption:
28.
Index Linked Redemption
Not Applicable
Instruments
29.
Share Linked Redemption
Not Applicable
Instruments
30.
FX Linked Redemption Instruments
Not Applicable
31.
Instruments with Dual or Other
Not Applicable
Currency Settlement Conditions
32.
Fund Linked Redemption
Not Applicable
Instruments
33.
Commodity Linked Redemption
Not Applicable
Instruments
34.
Physical Delivery Instruments
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
35.
Form of Instruments:

Registered Instruments:

Regulation S Instrument and Rule 144A
Instrument
36.
New Global Instrument:
No
37.
Applicable Financial Centre(s) or other
New York and London
special provisions relating to Payment
Dates:
38.
Talons for future Coupons or Receipts
No
to be attached to Definitive Bearer
Instruments (and dates on which such
Talons mature):
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PART B - OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING

(i)
Listing:
Application has been made by the Issuer (or on
its behalf) for the Instruments to be listed on the
Official List of the Luxembourg Stock Exchange
with effect from the Issue Date
The Original Instruments are admitted to listing
on the official list of the Luxembourg Stock
Exchange

(ii)
Admission to trading:
Application has been made by the Issuer (or on
its behalf) for the Instruments to be admitted to
trading on the regulated market of the
Luxembourg Stock Exchange with effect from
the Issue Date
The Original Instruments are admitted to trading
on the regulated market of the Luxembourg
Stock Exchange

(iii)
Estimate of total expenses
EUR 400 (listing fee)
related to admission to
trading:
2.
RATINGS

The Instruments are expected to be rated:

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

Moody's Investors Service Ltd: Aaa

According to Moody's rating system, obligations rated "Aaa" are judged to be of the
highest quality with minimal credit risk and according to the Standard & Poor's rating
system, an obligor rated "AAA" has extremely strong capacity to meet its financial
commitments.

Standard & Poor's Credit Market Services Europe Limited and Moody's Investors
Service Ltd are established in the European Economic Area (the "EEA") and
registered under Regulation (EC) No. 1060/2009, as amended (the "CRA
Regulation"), and is included in the list of credit rating agencies published by the
European
Securities
and
Markets
Authority
on
its
website
(www.esma.europa.eu/page/list-registered-and-certified-CRAs) in accordance with the
CRA Regulation.
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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:
USD 401,465,888.22 (including accrued interest
amounting to USD 1,109,888.22)

(iii)
Estimated total expenses:
Not Applicable
5.
YIELD

Not Applicable

6.
HISTORIC INTEREST RATES

Details of historic LIBOR rates can be obtained from Reuters
7.
DESCRIPTION AND PERFORMANCE OF INDEX/ FORMULA/OTHER
VARIABLE
8.
OPERATIONAL INFORMATION

Regulation S ISIN Code:
Until the Instruments are consolidated, become
fungible with and form a single Series with the
Original Instruments, the Instruments will have
the temporary ISIN XS1626175324. After that,
the Instruments will have the same ISIN as the
Original Instruments, which is XS1203975088

Regulation S Common Code:
Until the Instruments are consolidated, become
fungible with and form a single Series with the
Original Instruments, the Instruments will have
the temporary Common Code 162617532. After
that, the Instruments will have the same
Common Code as the Original Instruments,
which is 120397508

144A ISIN Code:
US50048MBY57

144A Common Code:
120426443
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CUSIP Number:
50048MBY5

New Global Instrument intended to
Not Applicable
be held in a manner which would
allow Eurosystem eligibility:

Clearing system(s):
Euroclear/Clearstream, Luxembourg/DTC

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:
Syndicated

(ii)
If syndicated, names and
Joint Lead Managers
addresses of Managers and
underwriting commitments:
Bank of Montreal, London Branch
95 Queen Victoria Street
London EC4V 4HG
United Kingdom

USD 133,334,000

Merrill Lynch International
2 King Edward Street
London, EC1A 1HQ
United Kingdom

USD 133,333,000

Scotiabank Europe plc
201 Bishopsgate
6th Floor
London, EC2M 3NS
United Kingdom

USD 133,333,000

(iii)
Date of Subscription
5 June 2017
Agreement:

(iv)
If non-syndicated, name and Not Applicable
address of Manager:
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(v)
Stabilising Manager(s) (if
Bank of Montreal, London Branch
any):

(vi)
Total (underwriting and
Not Applicable
placing) commission and
concession:

(vii)
U.S. Selling Restrictions:
Regulation S Category 2; Rule 144A and
Section 3(c)(7) (QIBs that are also QPs)

(viii) Public Offer:
Not Applicable
10.
TERMS AND CONDITIONS OF THE OFFER

Not Applicable

11.
THIRD PARTY INFORMATION

The information relating to credit rating systems set out under Paragraph 2 of Part B of
these Final Terms has been extracted from the websites of Moody's and Standard &
Poor's, as applicable). The Issuer confirms that such information has been accurately
reproduced and that, so far as it is aware, and is able to ascertain from information
published by Moody's and Standard & Poor's, as applicable, no facts have been
omitted which would render the reproduced inaccurate or misleading.
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