NIB prices first USD benchmark for the year in a supportive market environment

• The Nordic Investment Bank (NIB) priced a USD 1 billion benchmark bond achieving the tightest SOFR mid-swap spread for a 5-year SSA issuance since 2022.
• Strong global demand allowed NIB to tighten pricing during execution and price flat to fair value with no new issue concession versus its outstanding USD curve.

On 15 January 2026, NIB priced a USD 1.0 billion 5-year global benchmark bond, marking the Bank's first public transaction of the year. The bond was priced at SOFR mid-swaps +29bps, equivalent to CT5 +5.8bps, taking advantage of strong January market dynamics and a clear execution window.

The transaction attracted robust interest from the outset, with indications of interest exceeding USD 1.25 billion, excluding joint lead manager interest, shortly after books opened and closing in excess of USD 1.5 billion. Given the strong demand and high quality of orders, NIB tightened from initial price thoughts at SOFR MS +30bps to final pricing at SOFR MS +29bps, before sizing the deal at USD 1.0 billion.

Kim Skov Jensen, CFO & Vice President at NIB, says:

"I am particularly pleased to see NIB's continued strong appeal to the global investor base. With participation of around 50% from EMEA, 30% from APAC, and the remainder from the Americas, NIB continues to attract capital from outside our region. I also appreciate the excellent mix of high-quality investor participants in the transaction, equally split between Central Banks and Official Institutions, Bank Treasuries, and Asset Managers. This first benchmark transaction of the year demonstrates that NIB, as the Nordic-Baltic region's international financial institution, has a diversified investor base and that the region remains an attractive area for investment."

Jens Hellerup, Head of Funding & Investor Relations at NIB, says:

"Typically, we conduct our first USD benchmark later in the year, but given the current geopolitical situation and the strength we observed in the market, we decided it would be prudent to move forward earlier than usual. We saw a clear window with limited competing supply in the 5-year segment and seized the opportunity. I would like to extend our thanks to our investors and lead managers for their support in making our first benchmark of the year such a success."

The transaction enjoyed a broad and diverse distribution across geographies and investor types, with 38 investors participating. Geographically, EMEA accounted for 49.5% of allocated demand, followed by APAC at 29.9% and the Americas at 20.6%. By investor type, Banks took 36.7% of final allocations, supplemented by Central Banks & Official Institutions (32.8%), Asset Managers (27.7%) and Pension/Insurance accounts (2.8%).

The bond carries a 3.750% fixed coupon, was priced at 99.810%, and yields 3.792% on a semi-annual basis. Settlement is scheduled for 23 January 2026 (T+5) with maturity on 23 January 2031.

The joint bookrunners for the transaction were BNP Paribas, Citi, J.P. Morgan, and Nomura. Read the joint press release here.

Salma Guerich, DCM SSA, BNP Paribas, says:

"Congratulations to Nordic Investment Bank on its first US dollar benchmark transaction of 2026. Executing this successful transaction during a period of heavy SSA USD supply at historically tight levels is a testament to NIB's investor following. BNP Paribas is proud to have supported NIB on this transaction."

Ebba Wexler, Head of SSA DCM, Citi, says:

"In healthy market conditions and supported by January liquidity, NIB was able to price at CT5 +5.8bps, its tightest re-offer spread to Treasuries with investors keen to participate. Citi is pleased to have had the opportunity to work with NIB on this transaction."

Tina Nguyen, Executive Director, SSA DCM, J.P. Morgan, says:

"NIB's USD 1 billion 5-year benchmark printed at the joint-tightest SOFR mid-swap spread year-to-date and the tightest for any USD SSA 5-year maturity since January 2022. J.P. Morgan is delighted to have supported NIB in this strong start to the year."

Sara Montes, Executive Director, Debt Capital Markets, Nomura, says:

"Another successful transaction for the Nordic Investment Bank, extending their USD curve out to 2031 while pricing inside their own curve. Achieving a record pricing versus US Treasuries for the year is testament to NIB's appeal globally as a top AAA credit."

Proceeds from the transaction will be used in line with NIB's mandate to finance projects that improve productivity and benefit the environment.

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

For further information, please contact:

Jens Hellerup, Senior Director, Head of Funding & Investor Relations

+358 9618 11401 | [email protected]

Angela Brusas, Director, Funding & Investor Relations

+358 9618 11403 | [email protected]

Alexander Ruf, Director, Funding & Investor Relations

+358 9618 11402 | [email protected]