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Alternative Market Briefing

Nordic Investment Bank issues coronavirus bonds

Wednesday, April 01, 2020

Bailey McCann, Opalesque New York:

Nordic Investment Bank (NIB) will start to issue NIB Response Bonds to finance eligible projects that aim to alleviate the social and economic consequences caused by the COVID-19 coronavirus pandemic in the bank's Nordic-Baltic member countries. The one billion euro three-year issue is due on 06th April 2023, bearing a coupon of 0.000%.

NIB loans will be made available to member countries and sustainable businesses that are facing economic consequences due to the COVID-19 pandemic.

The loans cover a range of projects including public sector, financial sector, and real economy sector lending. These projects are designed to be focused on immediate needs resulting from coronavirus including expanding healthcare, supporting furloughed or laid-off workers and helping businesses access capital during economic shutdown.

Large Dutch asset managers APG and PGGM have already been allotted proceeds for projects sanctioned under the bond framework. NIB said orders of its Response Bond by 80 investors had comprised more than €3.2bn.

The Response Bond is a unique issuance in terms of overall geopolitical response to the increased funding needs that have arisen out of the coronavirus crisis. Agnes Gourc, head of sustainable capital markets at BNP Paribas, a lead arranger on the issue, ......................

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