Investor Relations

The Government has initiated the implementation of the approved railway reform, and as part of the reform, Norske tog was founded on June 16th, as a wholly owned subsidiary of NSB AS.

Net cash flow from operating activities
Net cash flow from investment activities
Net cash flow from financial activities
Net change in cash and bank deposits

Norske tog AS shall acquire, manage and let passenger rolling stock, but intends to have sufficient timely rolling stock to appropriate cost with high quality. The company should have expertise within the area procurement and management of passenger rolling stock. The company should ensure low barriers to entry and competition on equal terms for the operation of the Norwegian railway.

Rolling stock owned by NSB AS was spun off and transferred to Norske tog through acquisition as of 14th October 2016 and leased back to NSB on the same day.

Bonds and related basis swaps were transferred from NSB AS to Norske tog AS as at the 9th December 2016.

For more information, please read the Norske tog AS bond investor presentation here.

NB! The numbers presented in the tables are derived from the 2019 Annual Report.

Green Bonds

Railway Transport plays an important role in the achievement of Norway's climate- and environment goals. Compared to other transport methods, railway transport is more energy effective and is only responsible for a small part of the local air pollution.

Therefore, Norske tog plays a key role in the work to make a more efficient and environmentally friendly transport system in Norway. Norske tog's goal is to make passenger train travel in Norway more attractive and by doing so also contributing to "the Green Shift". The company has established a framework for issuing green bonds in order to contribute to further investments in rolling stock and
upgrades of existing trains.

Norske tog has established a framework for issuing green bonds together with Nordea ans SEB. CICERO's Shades of Green methodology, a method for evaluating to what extent investment projects contribute to the low-emissions society and transparency surrounding climate risk, climate change adaptation and strateg has rated Norsk tog's framework as "dark green".

Norske tog’s green framework is based on, and well aligned with the the 2018 Green Bond and Green Loan Principles issued by the International Capital Market Association (ICMA). The criteria for eligible projects emphasizes new or renewed electric train sets and renovation/improvements of existing electric vehicles.


Credit ratings and analysis

Standard & Poor's
Materiellselskapet AS Indicative rating
Long-term rating A+
Short-term rating A-1
Outlook Stable

Debt financing

The outstanding Bonds and related derivatives have been transferred from NSB AS to Norske tog AS. The finance function of the company will be the issuer of bonds and commercial papers.

Norske tog AS has an undrawn 5 year committed credit facility of 2 000 MNOK maturing in October 2021.

Norske tog aims to cover 120 percent of the next 12 months liquidity through cash and committed credit facilities.

EMTN Programme

The EMTN Programme is listed on the Luxembourg Stock Exchange. The Programme ensures Norske tog access to European markets and is currently the main source for medium and longer dated funding.

The Programme will normally be updated annually and was last utilized in November 2019.

The EMTN Programme was last updated 7 October 2020, and the Programme has a limit of EUR 1,75 billion.

Debt documentation

Historical EMTN Prospectus

Outstanding loans

Outstanding loans in the ENTM-program

Stock Exchange ISIN Amount Deadline
Luxembourg SE NO0010703457 300 MNOK 12.02.2021
Luxembourg SE NO0010837263 300 MNOK 26.11.2021
Luxembourg SE NO0010635360 350 MNOK 24.01.2022
SIX Swiss Exchange CH0210891989 125 MCHF 02.05.2023
Luxembourg SE NO0010837271 550 MNOK 26.02.2024
Luxembourg SE NO0010870009 400 MNOK 11.03.2025
Luxembourg SE NO0010837289 650 MNOK 26.11.2025
Luxembourg SE NO0010703556 500 MNOK 18.02.2026
Luxembourg SE NO0010635428 1 150 MNOK 20.01.2027
Luxembourg SE NO0010823792 750 MNOK 12.06.2028
Luxembourg SE NO0010870017 900 MNOK 11.12.2029


Linda Marie Venbakken
Linda Marie Venbakken