Unsecured bearer bonds

NORD/LB issues bearer bonds (Inhaberschuldverschreibungen or IHS) with fixed interest rates or as floating rate notes with variable interest rates. IHS are issued unsecured, as senior preferred, senior non-preferred or subordinated (Tier 2) bonds. In addition to a fixed maturities, structured notes, e.g. with call or tender rights on shares, can also be issued.

These securities are issued as continuous issuances, private placemnets or public transactions (see International Funding).

NORD/LB bearer bonds are generally listed on the stock exchange.

Prospectus

Debt Issuance Programme

NORD/LB was one of the first German issuers to launch an international debt issuance programme (DIP) for the issuance of debt instruments in December 1992. The Debt Issuance Programme is a core element of NORD/LBs funding, particularly due to its flexibility.

Main characteristics of the NORD/LB Debt Issuance Programme:

• Programme volume up to €25 billion
• Notes can be issued as secured (Pfandbriefe) or unsecured bearer bonds
• Each issue can be flexibly compiled according to investor requirements in terms of currencies and other characteristics (maturity, interest rate, etc.)
• Conditions according to German law
• The programme is suitable for private placements as well as for public benchmark issues via international syndicates.

Prospectus

Commercial Paper Programme

NORD/LB has had a Commercial Paper Programme (CP Programme) since September 2001 – as an extension of the range of short-term funding instruments. NORD/LB offers domestic and foreign investors the opportunity to invest in short-term securities of a high quality.

Main features of the CP Programme:

• Programme volume of €10 billionli>
• Under the CP Programme, bonds may be issued in euros and all other major currencies, such as USD, CHF, GBP, etc. with maturities of up to 364 days
• Issuance conditions according to German law.

Further information can be found in the current information memorandum

Prospectus