NIB issues EUR 1 billion long 3-year benchmark bond

On 14 April 2025, the Nordic Investment Bank (NIB) launched a EUR 1 billion, long 3-year fixed-rate benchmark bond. This is NIB’s second EUR benchmark issuance in 2025, following its 7-year green bond in March, and marks the Bank’s largest euro-denominated syndication since March 2020, highlighting NIB’s strong investor following.

Despite a challenging market backdrop, NIB successfully accessed a stable market window ahead of the Easter holidays with an intra-day execution strategy. The strong investor interest drove the final orderbook to EUR 1.45 billion with around 50 investors participating, allowing the final spread to tighten to mid-swaps plus 11 basis points from initial guidance of plus 12 basis points.

The bond pays an annual coupon of 2.125% and was priced at 99.839%, yielding 2.179%. The transaction will settle on 23 April 2025 and mature on 23 May 2028. The joint lead managers for the transaction were Barclays, BNP Paribas, Citi, and Danske Bank.

“In challenging markets and times of heightened uncertainty, the value of a long-term investor relations strategy and a sound funding approach pays off. NIB remains an attractive choice for investors seeking a secure and reliable name, backed by strong owner support and a clear mandate from the Nordic region. The robust demand for this bond reinforces my confidence in our ability to continue investing in sustainable projects, even amidst periods of significant market volatility,” says Kim Skov Jensen, Chief Financial Officer, NIB.

“With the Easter break coming up we are very pleased to have a nicely oversubscribed book in a challenging market environment. A solid EUR 1bn bond shows that the quality of the NIB name is appreciated by investors in turbulent times,” comments Jens Hellerup, Head of Funding and Investor Relations, NIB.

The bond was distributed across a diverse set of investors by geography and type, with strong interest from banks (42%), central banks and official institutions (26%), asset managers (23%), private banks and others (6%), and hedge funds (3%). Geographically, demand was led by the UK (27%), followed by Asia and other regions (21%), Benelux (19%), Rest of Europe (17%), Nordics (8%), and DACH (8%).

“NIB nimbly accessed the markets with an intra-day trade, minimising market exposure and navigating a volatile market backdrop. We are delighted to have been a part of this successful transaction” says Alex Barnes, Managing Director, Head of SSA Syndicate, Citi.

“We congratulate NIB with their 1bn EUR long 3y. This adds a new liquid point on the curve for NIB. The markets have become more difficult to navigate over the past couple of weeks and its great to see that NIB shows leadership and seize the more stable market backdrop to add their funding as the USD market is more difficult to access. A true AAA issuer with a strong investor base managed to price more or less at their own curve,” says Bo Søndergaard, Head of SSA, Danske.

Proceeds from the transaction will support NIB’s lending operations across its member countries, with a continued focus on financing projects that enhance productivity and benefit the environment—core pillars of the Bank’s mission.

For more information on NIB’s funding and bond programmes, click here.

Bond summary terms

Issuer	Nordic Investment Bank (NIB)
Rating	Aaa (Moody’s), stable / AAA (S&P), stable
Issue amount	EUR 1 billion
Settlement date	23 April 2025
Maturity date	23 May 2028
Coupon	2.125%, Annual
Issue price	99.839%
Reoffer yield	2.179%
Spread	MS + 11bps
Listing	Nasdaq Helsinki
Joint lead managers	Barclays, BNP Paribas, Citi, Danske Bank

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact:

Jens Hellerup, Head of Funding & Investor Relations, +358 9618 11401, jens.hellerup@nib.int

Angela Brusas, Director, Funding & Investor Relations, +358 9618 11403, angela.brusas@nib.int

Alexander Ruf, Director, Funding & Investor Relations, +358 9618 11402, alexander.ruf@nib.int