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 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.

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, 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.

Norske tog Investor Presentation 26.11.2019

Annual reports

Green Bonds

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
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.

Base Prospectus

Outstanding borrowings

Outstanding borrowings under the ENTM programme

Stock exchange ISIN Amount Due
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


Linda Marie Venbakken
Linda Marie Venbakken
Direktør Økonomi & Finans