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Ministry of Finance and Economic Affairs

Republic of Iceland issues US Dollar bonds

Press release no. 4/2012

Iceland has issued a USD 1 billion Reg S / 144A bond offering due in 2022. This is a fixed rate bond with a 6,0% yield. The transaction was well received by global investors with an order book 4 times oversubscribed. The bonds were predominantly placed with US and European accounts. The transaction followed a three day investor roadshow in the US and Europe. The issue was lead-managed by Deutsche Bank,J.P. Morgan and UBS Investment Bank.

“This transaction is an important milestone for Iceland and is very positive for the Icelandic economy“, says Finance Minister Ms. Oddný Harðardóttir. “It follows last year‘s successful re-entry to the international bond markets. We are very pleased with the broad spectrum of investor´s interest. Compared to last year's issue this transaction attracted twice the number of investors and double the size of the order book. This marks another step in implementing our medium-term debt management strategy where the aim is to secure regular access to the international capital markets and further broaden the investor base."

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction. Any offering of securities will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or any relevant securities laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.  Accordingly, the securities to which this announcement relates would be offered and sold only (1) inside the United States to “Qualified Institutional Buyers”, as defined in, and in reliance on, Rule 144A under the Securities Act and (2) outside the United States to non-US persons in reliance on Regulation S under the Securities Act. There will be no public offering of the securities in the United States.
This announcement is being distributed only to, and is directed at (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (b) persons falling within Article 49(2)(a) to (d) (high net worth entities, unincorporated associations etc.), (c) persons outside the United Kingdom and (d) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). The investments or investment activity to which this announcement relates are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Persons distributing this announcement must satisfy themselves that it is lawful to do so.

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