NB FCP Euro Bond

The Sub-Fund invests mainly in debt securities issued or guaranteed by an European OECD Member State or any of its political subdivisions, authorities, agencies or instrumentalities or by supranational entities of which one or more European OECD States are Members. On an ancillary basis, the Sub-Fund may also invest in corporate bonds issued by companies located in OECD countries as well as in sovereign debt securities issued or guaranteed by Non-European OECD states/countries. Sovereign debt securities issued or guaranteed by Non-European OECD states/countries must be rated at least A (A-, A, A+) by S&P, A (A3, A2, A1) by Moodys or A (A- , A, A+) by Fitch and its investment is limited to 10% of the net assets of the sub-fund.