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.
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.
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|
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.
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.
- 2020 Base Prospectus
- 2020 Agency Agreement
- 2020 Trust Deed
- 2020 Issuer-ICSDs Agreement
- 2020 Articles of Association (Norwegian)
- 2020 Articles of Association (Office translation)
Historical EMTN Prospectus
Outstanding loans in the ENTM-program
|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|