The Government has initiated the implementation of the approved railway reform, and as part of the reform, Norske tog was founded on June 16th 2016, as a wholly owned subsidiary of NSB AS. 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. April 2017 the shares from Norske tog were transferred from NSB to the Ministry of Transport and Communications which now is the sole owner of the company.
Norske tog AS shall acquire, manage and let passenger rolling stock, and intends to have sufficient timely rolling stock at 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.
Bonds and related basis swaps were transferred from NSB AS to Norske tog AS as at the 9th December 2016.
Rail transport plays a crucial role in achieving society’s environmental and climate goals. Compared to other modes of transport, trains are more energy efficient and makes only a marginal contribution to local air pollution. Norske tog has a key role to play in achieving a more efficient and climate-friendly transport system, and will aim to make passenger train transport attractive in Norway and contribute to “The Green Shift”. By issuing Green Bonds Norske tog can further promote investments in rolling stock and support the significant investments made in expanding and upgrading the rail network in Norway.
Norske tog has established a Green Bond Framework in cooperation with Nordea and SEB. CICERO Shades of Green, which provides independent research-based evaluations of green bond investment frameworks to determine their environmental robustness, have rated Norske tog’s green bond framework CICERO Dark Green. The Norske tog Green Bond Framework is aligned with the Green Bond and Green Loan Principles (2018) and the criterion for eligible projects emphasizes new or renewed electric train sets and renovation/improvements of the existing electric rolling stock.
Green Bond documentation
Credit ratings and analysis
|Standard & Poor's|
|Norske tog AS||LT Issuer Credit 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.
Norske tog aims to cover 120 percent of the next 12 months liquidity through cash and committed credit facilities.
Outstanding borrowings under the ENTM programme
|SIX Swiss Exchange||CH0123575091||250 MCHF||14.02.2020|
|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||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|