News
CEB issues new USD 1 billion 5-year Global benchmark transaction
9 March 2016
PARIS - On 9 March, the CEB priced a USD 1 billion 5-year SEC Registered Global benchmark.
Ahead of key central bank meetings in Europe and the United States, the CEB took advantage of a small issuance window and positive momentum from recent deals to launch its first US dollar benchmark since March 2015.
The transaction was announced to the market at noon London time on 8 March, with initial price thoughts of mid-swaps +42 area. Order books officially opened on Wednesday 9 March at 8:00am London time, with price guidance affirmed at mid-swaps +42 area.
Investor response throughout the London afternoon and Asia overnight session was steady, with indications of interest led by bank treasuries and central banks.
Investor interest exceeded USD 900 million by mid London morning and at which point the final spread was set in line with guidance.
The final order book closed north of USD 1 billion with over 30 accounts involved, and well diversified geographically. The transaction demonstrates the CEB’s commitment to the US dollar market, having issued a 5-year US dollar Global benchmark every year since 2010.
Investor participation
By Geography
EMEA 54%
Americas 34%
Asia 12%
By Investor Type
Banks 64%
Central Banks/Official Institutions 25%
Fund Managers & Other 11%
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.