NIB issues $1bn five-year global benchmark

Nordic Investment Bank has priced a new five-year global $1 billion benchmark issue. The transaction is NIB's second USD benchmark in 2018.

The issue has a final maturity of 19 July 2023, pays a semi-annual coupon of 2.875% and has an issue price of 99.792%, to give a spread of +17.1 bps over the UST 2.625% due June 2023, equivalent to mid-swaps plus 3 bps.

The final order book reached above $1.6 billion, with 45 investors participating in the transaction. The majority of demand came from the EMEA region, receiving 56% of allocations, followed by Asia and the Americas with 25% and 19% respectively.