NIB issues $1bn three-year global benchmark
Nordic Investment Bank has priced a new global $1 billion benchmark issue.
The transaction is the bank’s tightest ever three-year USD benchmark, and had a final orderbook in excess of $1.35 billion from over 30 accounts.
HSBC, JPM, RBC CM (B&D), and TD were joint lead managers.
The issue has a final maturity on 17 October 2022, pays a semi-annual coupon of 1.375% and has an issue price of 99.728%.
The global orderbook closed with final demand coming in excess of $1.35 billion. Final pricing at MS +8bsp represented minimal to zero new issue concession to NIB’s outstanding USD benchmark curve.
EMEA accounts took the majority of allocations (47%), supplemented by the Americas (28%) and Asia (25%).
Banks led the way, taking 54% of the final allocation, followed by central banks and official institutions with 34% and fund managers with 12%.
