NIB issues USD 1.25 billion 5-year global benchmark bond
On 30 April 2025, the Nordic Investment Bank (NIB) priced a USD 1.25 billion 5-year global benchmark bond. This is NIB’s first USD benchmark issuance of the year, following its EUR 750 million 7-year green bond in March and EUR 1 billion long 3-year benchmark in April.
Amid a volatile macroeconomic environment, NIB timed the transaction strategically, achieving a spread of 6.6 basis points over the 5-year US Treasury—one of the tightest levels reached by a supranational issuer for this tenor in 2025. Strong global investor demand drove the orderbook above USD 2.0 billion, allowing pricing to tighten by 1 basis point from initial guidance and enabling NIB to set the deal size at USD 1.25 billion. The new global benchmark was priced with a minimal new issue concession, with participation from more than 40 investors, underscoring the Bank’s appeal as a stable and trusted issuer in uncertain market conditions.
The new bond pays a semi-annual coupon of 3.750% and was priced at 99.747%, yielding 3.806%. The transaction will settle on 9 May 2025 and matures on 9 May 2030. The joint lead managers for the transaction were BMO, Goldman Sachs Bank Europe SE, Nomura, and TD Securities. See also the joint press release here.
In terms of investor participation, geographical distribution was mainly dominated by Americas with 49.7%, followed by EMEA Investors with 32.6% and APAC investors with 17.7%. In terms of investor type, CB/OIs got the lions share with 43.4%, followed by Banks with 40.9%, Asset Managers with 13.9% and Others with 1.8%.
“Volatile markets demand a more agile and responsive approach to funding and liquidity management, requiring the NIB Funding team to seize opportunities as they arise. In this context, I am pleased that we were able to access the USD global benchmark market so successfully. NIB’s role is becoming increasingly significant as the Bank continues to support both the private and public sectors in navigating the various challenges of today’s uncertain economic and geopolitical environment. I am confident that investors value NIB’s clear mandate and the strong backing it has from its owners and other stakeholders, as this provides investors with a reliable and solid investment opportunity,” says Kim Skov Jensen, CFO & Head of Treasury & Finance, Nordic Investment Bank.
“These are volatile markets with limited activity in the primary markets. Therefore, we decided to wait for a few calmer sessions before offering a new five-year USD global benchmark issue to investors. This cautious approach proved successful, resulting in an order book exceeding USD 2 billion and supporting an issue size of USD 1.25 billion. We are very pleased with the strong support we received from investors across all major regions, especially given that several other supranational issuers were also active in the primary markets at the same time,” comments Jens Hellerup, Head of Funding & Investor Relations at Nordic Investment Bank.
“NIB has once again highlighted its strong market position and broad appeal among USD global fixed-income investors with their first US dollar fixed rate benchmark transaction of the fiscal year. The high-quality orderbook, enabled spread tightening and achieved the tightest spread to treasuries for a Supranational 5Y this year – demonstrating NIB’s strong credit quality and following. Congratulations on this fantastic result,” says Mark Yeomans, Managing Director, at Nomura DCM.
In accordance with NIB’s funding strategy, proceeds from this transaction will be used to finance projects that improve productivity and benefit the environment, in line with the Bank’s mission.
NIB has now funded EUR 5.5 billion in 2025 out of expected EUR 8.0-9.0 billion for the full year. For more information on NIB’s funding programme, click here.
Bond summary terms
| Issuer | Nordic Investment Bank (NIB) |
| Rating | Aaa (Moody’s), stable / AAA (S&P), stable |
| Format | Global, SEC Registered, Senior Unsecured |
| Issue amount | USD 1.25 billion |
| Settlement date | 9 May 2025 (T+7) |
| Maturity date | 9 May 2030 |
| Coupon | 3.750%, Semi-Annual, Fixed |
| Issue price | 99.747% |
| Reoffer yield | 3.806% (Semi-Annual) |
| Spread | CT5 +6.6bps / MS +43bps |
| Listing | Luxembourg Stock Exchange’s Regulated Market |
| Joint lead managers | BMO, Goldman Sachs Bank Europe SE, Nomura, TD Securities |
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, from 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