Obligation Komunalbanken AS 0% ( XS1335427958 ) en ZAR

Komunalbanken AS

100 % ⇌

Norvege

XS1335427958 ( en ZAR )

22/12/2028 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken As XS1335427958 en ZAR 0%, échue

50 000 ZAR

2 350 000 000 ZAR

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 de Kommunalbanken AS (XS1335427958), émise en Norvège pour un montant total de 2 350 000 000 ZAR, avec un taux d'intérêt de 0 %, une taille minimale d'achat de 50 000 ZAR, arrivant à échéance le 22/12/2028 et payant des intérêts avec une fréquence de 1, a été remboursée à 100 % à sa maturité.

Final Terms dated 3 March 2016
KOMMUNALBANKEN AS
Issue of
ZAR 100,000,000 Zero Coupon Instruments due 22 December 2028 (the "Instruments")
(to be consolidated and form a single Series with the existing ZAR 200,000,000 Zero Coupon
Instruments due 22 December 2028 issued on 22 December 2015, the existing ZAR 200,000,000 Zero
Coupon Instruments due 22 December 2028 issued on 21 January 2016, the existing ZAR
200,000,000 Zero Coupon Instruments due 22 December 2028 issued on 2 February 2016 and the
existing ZAR 200,000,000 Zero Coupon Instruments due 22 December 2028 issued on 16 February
2016 (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, except as provided in sub-paragraph (ii) below, 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 of the Instruments may only do so:
(i)
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; or
(ii)
in those Public Offer Jurisdictions mentioned under "Distribution Public Offer" in
Part B below, provided such person is one of the persons described in "Distribution 
Public Offer" in Part B below and that such offer is made during the Offer Period
specified for such purpose therein.
With respect to any subsequent resale or final placement of Instruments as provided in sub-
paragraph (ii) above, the Issuer consents to the use of the Base Prospectus and accepts
responsibility for the content of the Base Prospectus. 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.

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PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in the Base Prospectus dated 10 April 2015 and the supplement to the base
prospectus dated 2 July 2015 which together constitute a base prospectus (the "Base
Prospectus") for the purposes of the Prospectus Directive. This document constitutes the
Final Terms of the Instruments described herein for the purposes of Article 5.4 of the
Prospectus Directive and must be read in conjunction with such 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 and the Base Prospectus. A summary of the Instruments
(which comprises the summary in the Base Prospectus as amended to reflect the provisions of
these Final Terms) is annexed to these Final Terms. The Base Prospectus is 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.
1.
(i)
Series Number:
5050
(ii)
Tranche Number:
5
(iii)
Date on which the Instruments
The Instruments will be consolidated and
become fungible:
form a single Series with the Original
Instruments on the Issue Date
2.
Specified Currency:
South African Rand ("ZAR")

Condition 9.4(g) (Alternative Currency)
applies
3.
Aggregate Principal Amount:

(i)
Series:
ZAR 900,000,000
(ii)
Tranche:
ZAR 100,000,000
4.
Issue Price:
33.837 per cent. of the Aggregate Principal
Amount
5.
(i)
Specified Denominations:
ZAR 50,000
(ii)
Calculation Amount:
ZAR 50,000
6.
(i)
Issue Date:
7 March 2016
(ii)
Interest Commencement Date:
Not Applicable
7.
Maturity Date:
22 December 2028
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8.
Types of Instruments:
Zero Coupon
9.
Interest Basis:
Zero Coupon
(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 Not Applicable
16.
Fixed Interest Discounted Issue
Not Applicable
Instrument Provisions
17.
Zero Coupon Instrument Provisions
Applicable
(i)
Amortisation Yield:
8.840 per cent. per annum
(ii)
Reference Price:
33.837 per cent.
(iii)
Day Count Fraction:
Actual/Actual (ICMA)
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
Not Applicable
(Early Redemption for Taxation
Reasons):
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23.
Call Option
Not Applicable
24.
Put Option
Not Applicable
25.
Automatic Early Redemption
Not Applicable
26.
Maturity Redemption Amount of
ZAR 50,000 per Calculation Amount
each Instrument
27.
Early Redemption Amount

(i)
Early Redemption Amount(s)
Amortised Face Amount
per Calculation Amount
payable on redemption for
taxation reasons
(ii)
Early Redemption Amount(s)
Amortised Face 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:
Bearer Instruments:

Temporary
Global
Instrument
exchangeable for a Permanent Global
Instrument which is exchangeable for
Definitive Bearer Instruments in the
limited circumstances specified in the
Permanent Global Instrument
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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 were listed 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 were 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 to be issued 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 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
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
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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:
ZAR 33,837,000
(iii)
Estimated total expenses:
Not Applicable
5.
(Fixed Rate Instruments only) - YIELD
Not Applicable

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:
XS1335427958
Common Code:
133542795
CUSIP Number:
Not Applicable
New Global Instrument intended to be No
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
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Clearing system(s):
Euroclear/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
underwriting commitments:

(iii)
Date of Subscription
Not Applicable
Agreement:
(iv)
If non-syndicated, name and
RBC Europe Limited
address of Manager:
Riverbank House
2 Swan Lane
London EC4R 3BF
United Kingdom
(v)
Stabilising Manager(s) (if
Not Applicable
any):
(vi)
Total (underwriting and
Not Applicable
placing) commission and
concession:
(vii)
U.S. Selling Restrictions:
Regulation S Category 2; TEFRA D
(viii) Public Offer:

(a)
General Consent:
Not Applicable
(b)
Specific Consent:
Applicable
The Issuer consents to the use of the Base
Prospectus in connection with a Public Offer
of the Instruments during the period from 3
March 2016 until the Issue Date (the "Offer
Period") by the Manager in Luxembourg,
Belgium, France, Germany and the United
Kingdom
(the
"Public
Offer
Jurisdictions"), for so long as it is
authorised to make such offers under the
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Markets in Financial Instruments Directive
(Directive 2004/39/EC)
10.
TERMS AND CONDITIONS OF THE OFFER
Offer Price:
Issue Price
Conditions to which the offer is
Not Applicable
subject:
Description of the application process: Not Applicable
Description of possibility to reduce
Not Applicable
subscriptions and manner for
refunding excess amount paid by
applicants:
Details of the minimum and/or
Not Applicable
maximum amount of application:
Details of the method and time limits
Not Applicable
for paying up and delivering the
Instruments:
Manner in and date on which results
Not Applicable
of the offer are to be made public:
Procedure for exercise of any right of
Not Applicable
pre-emption, negotiability of
subscription rights and treatment of
subscription rights not exercised:
If the offer is being made
Not Applicable
simultaneously in the markets of two
or more countries and if a tranche has
been or is being reserved for certain of
these, indicate any such tranche.
Process for notification to applicants
Not Applicable
of the amount allotted and the
indication whether dealing may begin
before notification is made:
Amount of any expenses and taxes
No expenses will be chargeable by the Issuer
specifically charged to the subscriber
to an Investor in connection with any offer of
or purchaser:
Instruments. Any expenses chargeable by the
Manager to an Investor shall be charged in
accordance
with
any
contractual
arrangements agreed between the Investor
and the Manager at the time of the relevant
offer.
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Name(s) and address(es), to the extent None
known to the Issuer, of the placers in
the various countries where the offer
takes place:
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