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Íslandsbanki Hf

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Íslandsbanki Hf Prospectus Íslandsbanki hf. ( incorporated with limited liability in Iceland ) Issue of SEK 1,000,000,000 Floating Rate Notes due April 2022 under the U.S.$ 2 , 5 0 0 ,00 0,000 Global Medium Term Note Programme The SEK 1,000,000,000 Floating Rate Notes due April 2022 (the Notes ) have been issued by Íslandsbanki hf. (the Issuer ) u nder its U.S.$ 2 , 5 0 0 ,000,000 Global Medium Term Note Programme (the Programme ) . The Notes bear in terest from (and including) 26 April 2018 (the Issue Date ) to (but excluding) the Interest Payment Date falling in or nearest to April 2022 at a floating rate of 0.80 per cent. per annum above the then applicable three - month rate for the Stockholm Interban k Offered Rate ( STIBOR ). Interest will be payable quarterly in arrear on 26 January, 26 April, 26 July and 26 October in each year, from and includ ing 26 July 2018 to and including 26 April 2022, subject to adjustment in accordance with the Modified Follow ing Business Day Convention (as defined in Condition 5.2(a) of the section entitled “ Terms and Conditions of the Notes ” in the base prospectus relating to the Programme dated 21 April 2017 (the 2017 Base Prospectus ), which section is incorporated by refere nce in this Prospectus ). For a more detailed description of the Notes, see also “ Issue Terms ” herein. An investment in the Notes involves certain risks. For a discussion of these risks see the section entitled “ Risk Factors ” , in the base prospectus relat ing to the Programme dated 30 April 2018 (the Current Base Prospectus ), which section is incorporated by reference in this Prospectus . Without prejudice to the other risks described in the section entitled “ Risk Factors ” in the Current Base Prospectus , pot ential investors should note that under current Icelandic law, Noteholders will rank behind certain depositors of the Issuer in a winding - up of the Issuer, as further described under “ The claims of Noteholders will be subordinated to the claims of certain of the Issuer’s depositors ” in the section entitled “ Risk Factors ” in the Current Base Prospectus , and Condition 3.1 of the section entitled “ Terms and Conditions of the Notes ” in the 2017 Base Pr ospectus . This Prospectus has been approved by the Central B ank of Ireland, as competent authority under the Prospectus Directive (as defined below). The Central Bank of Ireland only approves this Prospectus as meeting the requirements imposed under Irish and European Union ( EU ) law pursuant to the Prospectus Direc tive. Such approval relates only to the Notes which are to be admitted to trading on a regulated market for the purposes of Directive 20 1 4/ 65 /E U ( as amended, MiFID II ) and/or which are to be offered to the public in any Member State of the European Economi c Area. Application has been made to the Irish Stock Exchange plc trading as Euronext Dublin ( Euronext Dublin ) for the Notes to be admitted to the official list of Euronext Dublin (the Official List ) and to trading on its regulated market (the Main Securit ies Market ). The Main Securities Market is a regulated market for the purposes of MiFID II . Reference in this Prospectus to Notes being "listed" (and all related references) shall mean that the Notes have been admitted to the Official List and to trading o n the Main Securities Market. The Notes are unrated. The Issuer has senior unsecured debt rating s of BBB + (long term debt) and A - 2 ( short term debt ) from Standard & Poor’s Credit Market Services Europe Limited ( S&P ) as at the date of this Prospectus. The Issuer also has senior unsecured debt ratings of BBB (long term debt) and F3 (short term debt) from Fitch Ratings Limited ( Fitch ) as at the date of this Prospectus. S &P and Fitch are established in the EU and are registered under the Regulation (EC) No. 10 60/2009 (as amended) (the CRA Regulation ). As such S&P and Fitch are included in the list of credit rating agencies published by the European Securities and Markets Authority ( ESMA ) on its website (at http://www.esma.europa.eu/page/List - registered - and - certified - CRAs ) in accordance with the CRA Regulation. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction o r wi thdrawal at any time by the assigning rating agency. The date of this Prospectus is 25 May 201 8 . This Prospectus comprises a prospectus for the purposes of Article 5. 3 of the Prospectus Directive . For the purposes of this Prospectus, Prospectus Direct ive means Directive 2003/71/EC ( as amended , includ ing by Directive 2010/73/EU ), and includes any relevant implementing measure in a relevant Member State of the European Economic Area. The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The information in the section entitled “ Book - Entry Clearance Systems ” on pages 1 33 to 136 of the Current Base Prospectus (which section is incorporated by reference in this Prospectus ) has been extracted from information provided by t he clearing systems referred to therein. In addition, certain information in the sections entitled “ The Republic of Iceland ” and “ Financial Markets in Iceland ” on pages 1 28 to 1 32 of the Current Base Prospectus (which sections are incorporated by reference in this Prospectus ) has been extracted from publications by the National Economic Institute, the Ministry of Finance and the Central Bank of Iceland, where indicated as such. The Issuer confirms that, in each case, such information has been accurately re produced and that, so far as it is aware, and is able to ascertain from information published by those sources, no facts have been omitted which would render the reproduced information inaccurate or misleading. This Prospectus is to be read in conjunction with all documents (or, as applicable, sections thereof) which are deemed to be incorporated herein by reference (see “ Documents Incorporated by Reference ”). This Prospectus shall be read and construed on the basis that such documents (or, as applicable, sections thereof) are incorporated and form part of this Prospectus. The Joint Lead Managers (being Nordea Bank AB (publ), Skandianaviska Enskilda Banken AB (publ) and Swedbank AB (publ)) have not independently verified the information contained herein. A ccordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Joint Lead Managers as to the accuracy or completeness of the information contained or incorporated by reference in th is Prospectus or any other information provided by the Issuer in connection with the offering of the Notes . No Joint Lead Manager accepts any liability in relation to the information contained or incorporated by reference in this Prospectus or any other i nformation provided by the Issuer in connection with the offering of the Notes . No person is or has been authorised by the Issuer to give any information or to make any representation not contained in or not consistent with this Prospectus or any other inf ormation supplied in connection with the offering of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer or any of the Joint Lead Managers . Neither this Prospectus nor any othe r information supplied in connection with the offering of the Notes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation by the Issuer or any of the Joint Lead Managers that any recipient o f this Prospectus or any other information supplied in connection with the offering of the Notes should purchase the Notes. Each investor contemplating purchasing the Notes should make its own independent investigation of the financial condition and affai rs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Prospectus nor any other information supplied in connection with the offering of the Notes constitutes an offer or invitation by or on behalf of the Issuer or any of the Joint Lead Managers to any person to subscribe for or to purchase any Notes. Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any circumstances imply that the information contained herein concerning the Issuer is c orrect at any time subsequent to the date hereof or that any other information supplied in connection with the offering of 2 the Notes is correct as of any time subsequent to the date indicated in the document containing the same. The Joint Lead Managers ex pressly do not undertake to review the financial condition or affairs of the Issuer during the life of the Notes or to advise any investor in the Notes of any information coming to their attention. This Prospectus does not constitute an offer to sell or th e solicitation of an offer to buy the Notes in any jurisdiction and has been produced solely for the purposes of listing the Notes on the Official List and the Main Securities Market . The distribution of this Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions. The Issuer and the Joint Lead Managers do not represent that this Prospectus may be lawfully distributed, or that the Notes may be lawfully offered, in compliance with any applicable registration or other req uirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering.
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