Obligation Komunalbanken 2.125% ( XS2256987327 ) en USD

Komunalbanken

100 % ⇌

Norvege

XS2256987327 ( en USD )

2.125% par an ( paiement semestriel )

21/12/2020 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken XS2256987327 en USD 2.125%, échue

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

L'Obligation émise par Komunalbanken ( Norvege ) , en USD, avec le code ISIN XS2256987327, paye un coupon de 2.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/12/2020

MiFID II PRODUCT GOVERNANCE / Professional investors and eligible
counterparties only target market Solely for the purposes of the manufacturer's product
approval process, the target market assessment in respect of the Instruments has led to the
conclusion that: (i) the target market for the Instruments is eligible counterparties and
professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of
the Instruments to eligible counterparties and professional clients are appropriate. Any person
subsequently offering, selling or recommending the Instruments (a "distributor") should take
into consideration the manufacturer's target market assessment; however, a distributor subject
to MiFID II is responsible for undertaking its own target market assessment in respect of the
Instruments (by either adopting or refining the manufacturer's target market assessment) and
determining appropriate distribution channels.
Final Terms dated 10 November 2020
KOMMUNALBANKEN AS
Legal Entity Identifier: I7ETN0QQO2AHZZGHJ389
Issue of

USD 100,000,000 2.125 per cent. Instruments due 11 February 2025
(the "Instruments")

(to be consolidated and form a single series with the USD 500,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 11 February 2015, the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 1 October 2019, the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 29 January 2020 and the USD 100,000,000 2.125 per cent. Instruments due 11
February 2025 issued on 10 November 2020 (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 or in the United Kingdom will be made pursuant to an exemption under
Regulation (EU) 2017/1129 (the "Prospectus Regulation") 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 Dealer to publish a prospectus pursuant to
Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of
the Prospectus Regulation, in each case, in relation to such offer. Neither the Issuer nor any
Dealer has authorised, nor do they authorise, the making of any offer of Instruments in any
other circumstances.
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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
(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 the
Prospectus Regulation and, save in respect of the Conditions, must be read in conjunction
with the base prospectus dated 20 March 2020, which constitutes a base prospectus for the
purposes of the Prospectus Regulation (the "Base Prospectus"). 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, 0161 Oslo, Norway and Deutsche
Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N
2DB, United Kingdom and the websites of the Luxembourg Stock Exchange
(www.bourse.lu) and the Issuer (https://www.kbn.com/en/about-us/company-information)
and copies may be obtained from Kommunalbanken AS, Haakon VIIs gate 5b, 0161 Oslo,
Norway and Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester
Street, London EC2N 2DB, United Kingdom.

1. (i)
Series Number:
4901

(ii)
Tranche Number:
5

(iii)
Date on which the Instruments become The Instruments shall be
fungible:
consolidated, form a single
series and be interchangeable
for trading purposes with the
Original Instruments also
represented by a Regulation S
Global Instrument on
exchange of the Temporary
Global Instrument for interests
in the Permanent Global
Instrument, as described in
these Final Terms
2. Specified Currency:
United States dollars ("USD")
3. Aggregate Principal Amount:

(i)
Series:
USD 900,000,000

(ii)
Tranche:
USD 100,000,000
4. Issue Price:
107.11 per cent. of the
Aggregate Principal Amount
plus accrued interest from and
including, the Interest
Commencement Date to, but
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excluding, the Issue Date.
5. (i)
Specified Denominations:
USD 200,000 and multiplies
of USD 2,000 thereafter

(ii)
Calculation Amount:
USD 2,000
6. (i)
Issue Date:
12 November 2020

(ii)
Interest Commencement Date:
11 August 2020
7. Maturity Date:
11 February 2025

8. Types of Instruments:
Fixed Rate
9. Interest Basis:
2.125 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/Payment Basis:
Not Applicable
12. Put/Call Options:
Not Applicable
13. Status of the Instruments:
Senior
14. Substitution and Variation (Condition 6.18):
Not Applicable

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15. Fixed Rate Instrument Provisions
Applicable

(i)
Interest Rate:
2.125 per cent. per annum
payable semi - annually in
arrear

(ii)
Interest Payment Date(s):
11 February and 11 August in
each year from and including
11 February 2021 up to and
including the Maturity Date

(iii)
Adjustment of Interest Payment Date(s) for Interest Payment Dates will
payment purposes:
not be adjusted for
calculation of interest;
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however, for payment
purposes only, the Following
Business Day Convention
will apply

(iv)
Fixed Coupon Amount(s):
USD 21.25 per Calculation
Amount

(v)
Broken Amount(s):
Not Applicable

(vi)
Day Count Fraction:
30/360

(vii)
Determination Dates:
Not Applicable
16. Floating Rate Instrument Provisions
Not Applicable
17. Fixed Interest Discounted Issue Instrument Not Applicable
Provisions
18. Zero Coupon Instrument Provisions
Not Applicable
19. Index Linked Interest Instrument Provisions
Not Applicable
20. Share Linked Interest Instrument Provisions
Not Applicable
21. FX Linked Interest Instrument Provisions
Not Applicable
22. Fund Linked Interest Instrument Provisions
Not Applicable

PROVISIONS RELATING TO REDEMPTION
23. Notice periods for Condition 6.2 (Early Redemption
Not Applicable
for Taxation Reasons):
24. Call Option
Not Applicable
25. Put Option
Not Applicable
26. Automatic Early Redemption
Not Applicable
27. Maturity Redemption Amount of each Instrument USD 2,000 per Calculation
Amount
28. MREL Disqualification Event Option:
Not Applicable
29. Early Redemption Amount

(i)
Early Redemption Amount(s) per Calculation USD 2,000 per Calculation
Amount payable on redemption for taxation Amount
reasons or for an MREL Disqualification
Event:
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(ii)
Early Redemption Amount(s) per Calculation USD 2,000 per Calculation
Amount payable on event of default or other Amount
early redemption:
30. Index Linked Redemption Instruments
Not Applicable
31. Share Linked Redemption Instruments
Not Applicable
32. FX Linked Redemption Instruments
Not Applicable
33. Instruments with Dual or Other Currency
Not Applicable
Settlement Conditions
34. Fund Linked Redemption Instruments
Not Applicable
35. Commodity Linked Redemption Instruments
Not Applicable
36. Physical Delivery Instruments
Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
37. Form of Instruments:

Registered Instruments:

The Instruments:
Regulation S Instrument
The Original Instruments:
Regulation S Instrument and
Rule 144A Instrument
38. New Global Instrument:
Not Applicable
39. New Safekeeping Structure:
Not Applicable
40. Relevant Financial Centre(s) or other special
New York
provisions relating to Payment Dates:
41. Additional Financial Centre(s) relating to Relevant
London
Financial Centre Days:
42. Talons for future Coupons or Receipts to be attached
No
to Definitive Bearer Instruments (and dates on which
such Talons mature):
43. Details relating to Partly Paid Instruments: amount of
Not Applicable
each payment comprising the Issue Price and date on
which each payment is to be made:
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44. Details relating to Instalment Instruments: amount of
Not Applicable/
each instalment, date on which each payment is to be
made:
45. Calculation Agent (including, in the case of Renminbi
Not Applicable
Instruments, the party responsible for calculating the
Fixed Coupon Amount(s)):
SIGNATURE
Signed on behalf of the Issuer:
By:
Duly authorised
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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 have been 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 have been admitted
to trading on the regulated market of the
Luxembourg Stock Exchange.
(iii)
Estimate of total expenses EUR 600 (listing fee)
related to admission to
trading:
2.
RATINGS
The Instruments to be issued are expected to be rated/:
S&P Global Ratings Europe Limited ("S&P"): AAA
Moody's Investors Service Cyprus Limited ("Moody's"): 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 S&P's rating system, an
obligor rated "AAA" has extremely strong capacity to meet its financial
commitments.
S&P and Moody's are established in the European Economic Area or in the UK 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/supervision/credit-rating-agencies/risk) 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 allocated within the
Issuer's treasury liquidity portfolio to a
subportfolio (the "Green Project Portfolio") for
investments in Eligible Projects (as defined
below) meeting the Eligibility Criteria (as
defined below). Pending application of the net
proceeds for investment in such Eligible
Projects the Issuer will hold such net proceeds
at its discretion, in certificates of deposit,
commercial paper, bank deposits, repurchase
transactions or other money market
instruments. The balance of the Green Project
Portfolio, until such amount is used in full, will
be reduced at the end of each annual period by
the amounts invested in such annual period in
Eligible Projects meeting the Eligibility
Criteria. The use of funds in the Green Project
Portfolio will be monitored by the Issuer
and/or third parties nominated by it to monitor
compliance with the application of funds in the
Green Project Portfolio.
"Eligible Projects" means financing (through
making loans or through equity investments or
otherwise) the construction costs and/or
development of new and existing projects
meeting the Eligibility Criteria.
"Eligibility Criteria" means a project included
in the Norwegian local government's climate
and energy plans. These are investments in the
areas of energy efficiency, renewable energy,
waste management, recycling, pedestrian and
bicycle paths, water quality, public
transportation and facilities for outdoor
recreation.
(ii)
Estimated net proceeds:
USD 107,647,152.78 (including 91 days of
accrued interest amounting to USD
537,152.78)
(iii)
Estimated total expenses:
Not Applicable
5.
YIELD
Indication of yield:
0.434 per cent. per annum
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6.
HISTORIC INTEREST RATES
Not Applicable
7.
DESCRIPTION AND PERFORMANCE OF INDEX/ FORMULA/OTHER
VARIABLE
Not Applicable
8.
OPERATIONAL INFORMATION
Regulation S ISIN Code:
The Instruments:
Until the Instruments are consolidated,
become fungible with and form a single
Series with the Original Instruments, the
Instruments will have the temporary ISIN
XS2256987327. After that, the Instruments
will have the same ISIN as the Original
Instruments, which is XS1188118100.
The Original Instruments:
XS1188118100
Regulation S Common Code:
The Instruments
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 225698732. After that, the
Instruments will have the same Common
Code as the Original Instruments, which is
118811810.
The Original Instruments:
118811810
CUSIP Number:
The Original Instruments:
50048MBX7
144A ISIN Code:
The Original Instruments:
US50048MBX74
144A Common Code:
The Original Instruments:
118815262
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Intended to be held in a manner which Not Applicable
would allow Eurosystem eligibility:
Clearing system(s):
The Instruments:
Euroclear/Clearstream, Luxembourg
The Original Instruments:
Euroclear/Clearstream, Luxembourg/DTC
Delivery:
Delivery against free of 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 of
Not Applicable
Managers:
(iii)
Date of Subscription
Not Applicable
Agreement:
(iv)
If non-syndicated, name of Commerzbank Aktiengesellschaft
Manager:
Kaiserstraße 16 (Kaiserplatz)
60311 Frankfurt am Main (Germany)

(v)
Stabilising Manager(s) (if any): Not Applicable
(vi)
Total (underwriting and
Not Applicable
placing) commission and
concession:
(vii)
U.S. Selling Restrictions:
The Instruments:
Regulation S Category 2

The Original Instruments:
Regulation S Category 2; Rule 144A and
Section 3(c)(7) (QIBs that are also QPs)
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