NIB issues USD 1 billion 3-year benchmark bond

The Nordic Investment Bank (NIB) priced a USD 1 billion 3-year benchmark bond, marking NIB's second USD benchmark transaction of the year.

On 26 August 2026, NIB priced a USD no-grow 1.0 billion 3-year global benchmark bond. The bond was priced at SOFR mid-swaps +22bps, equivalent to CT3+3.8bps. With this transaction NIB, has completed close to 80% of its funding target of EUR 8.5-9.5 billion for the year.

"Issuance markets have become more challenging to navigate, with geopolitical developments and uncertainty around future central bank policies making market windows less predictable and often more crowded. This 3-year USD benchmark, following our 5-year USD benchmark issued in January, is an important part of NIB's annual funding strategy and underscores our commitment to maintaining a regular presence in the USD market. With this transaction completed, we expect to meet our EUR 8.5-9.5 billion funding target for 2026, with the remainder of this year's funding coming from smaller currency markets and private placements," says Jens Hellerup, Senior Director, Head of Treasury, NIB.

"We knew we were entering a busy market, with significant supply last week and further issuance during this week, but we felt the timing was right as it was not obvious to us that execution conditions would improve materially by waiting. Achieving pricing in line with other leading high-quality 3-year issuers is a confirmation of NIB's strong standing in the market. We would like to thank investors for their engagement and our syndicate banks for their excellent support in bringing to market what is expected to be the final Global Benchmark transaction of our 2026 funding programme," says Alexander Ruf, Director, Head of Funding & Investor Relations, NIB.

The transaction enjoyed a broad and diverse distribution across geographies and investor types, with 36 investors participating. Geographically, the Americas accounted for 49% of allocated demand, followed by Asia at 28% and EMEA at 23%. By investor type, Banks took 43% of final allocations, supplemented by Central Banks & Official Institutions (32%), Asset Managers (23%) and others (2%).

The joint bookrunners for the transaction were Deutsche Bank, Daiwa, HSBC and RBC Capital Markets. Read the joint press release here.

"Huge congratulations to the Nordic Investment Bank team for an exceptional new USD 3y fix rate benchmark issuance. The successful launch of the new USD 1 billion WNG transaction closed perfectly a 15 months wide gap in your maturity profile between the Feb-29 and May-30 maturities. The 2bps tightening from announcement to pricing underpins the scarcity value while the global perception and demand from the well-diversified investor base shows the confidence in the NIB. Capping the size from the start at 1bn WNG gave investors the transparency and guidance needed - especially in challenging and headline-driven markets and times. Deutsche Bank is honoured to have been involved in this transaction," says Jenny-Lale Petersen, Director, SSA DCM Origination, Deutsche Bank.

"Congratulations to the NIB team on today's highly successful USD 1bn 3yr benchmark. NIB's outstanding credit quality and broad global investor appeal enabled the transaction to achieve the tightest spread to US Treasuries seen in the USD SSA market since the summer reopening, highlighting the strength of investor demand for the name. Daiwa was delighted to have supported this new issue," says Jez Walsh, Head of DCM Syndicate, Daiwa Capital Markets.

"Congratulation to the NIB on its latest successful USD 3-Years benchmark in a very busy post-summer market. NIB managed to not only achieved a high-quality orderbook, but also price at the joint tightest Mid Swaps level for a 3-Year benchmark this year. The transaction is continued proof of the strong following NIB enjoys among the Global SSA investor base. HSBC is delighted to have been involved in this transaction" Asif Sherani, Head of DCM Syndicate & Public Sector DCM.

"Congratulations to the NIB team for executing a highly successful 3-Year USD Benchmark transaction. The final orderbook closed in excess of $1.75 billion (incl. $200m JLM) and the final re-offer spread represented the joint tightest 3-Year USD SSA Benchmark versus SOFR Mid-Swaps. This transaction highlights NIB's strong credit quality and the team's dedication to engaging with global investors. RBC is delighted to have been part of this transaction," James Taunton, Head of Public Sector Origination, Europe, RBC.

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody's.

Contact:

Jens Hellerup, Senior Director, Head of Treasury

[email protected], +358 961 811 401

Alexander Ruf, Head of Funding & Investor Relations

[email protected], +358 961 811 402

Angela Brusas, Director, Funding and Investor & Investor Relations

[email protected], +358 961 811 403