The social development bank in Europe


CEB issues US$1bn 0.25% Global Benchmark due 21 October 2023

14 October 2020

PARIS - On Wednesday 14th October 2020, Council of Europe Development Bank (CEB), rated Aa1/AAA/AA+ (stab/stab/stab), successfully priced a new USD 1bn 3-year Global benchmark, joint led Bank of America Merrill Lynch, Credit Agricole CIB, Morgan Stanley and Royal Bank of Canada. This offering also represents the first time CEB completes a benchmark transaction whose proceeds go towards prefunding for next year’s programme.

Transaction highlights:

  • This transaction marks CEB's third USD benchmark trade of 2020, having successfully issued a new USD 1bn 5-year benchmark in January and a new USD 500m 3y Social bond in June
  • A strong momentum enabled the CEB to maximise the price tension and land 3bps tighter than IPTs, at ms+3bps
  • With this transaction, the CEB achieved the tightest 3-year USD SSA benchmark print of 2020, while attracting a final orderbook in excess of USD 1.9bn from over 50 accounts

Full technical details

Set up in 1956, the CEB (Council of Europe Development Bank) has 42 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, AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, outlook stable and AAA* with Scope 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.
* unsolicited

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