News
The CEB’s new USD 1 billion 5-year Global benchmark transaction
03 March 2015
On 3 March 2015, the Bank launched a successful USD 1 billion 5-year Global benchmark.
The mandate was initially announced to the market the day before, along with initial price thoughts of mid-swaps (MS) flat area.
The transaction immediately gained good traction by London close with solid interest from Bank Treasury accounts and saw further participation overnight with high quality Central Banks orders coming in.
Books were officially opened on 3 March and the orderbook reached around USD 1.1 billion after one hour of bookbuilding.
The final spread was set at MS flat shortly after.
At mid-swaps flat, which is equivalent to +15.1bps versus 5-year US Treasuries, this issue represents the tightest ever spread achieved by the CEB for a Global benchmark.
Close to 40 investors participated in the transaction.
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.