CEB issues USD 1 billion 4.000% Global SIB Benchmark

Paris - On Wednesday 13 May 2026, the Council of Europe Development Bank (CEB) issued a new USD 1 billion 4.000% Global Social Inclusion Bond (SIB) Benchmark due 21 May 2029.

Highlights

• This transaction marks the CEB’s 27th Social Inclusion Bond issued to date and its seventh issued in USD.
• The transaction gathered a final orderbook above USD 4.8 billion amid a very busy primary market, receiving strong support from a diverse array of top tier investors.
• Notably, central banks/official institutions accounted for 52% of the allocations while Socially Responsible Investors (SRI) accounted for 48% of the allocated books.
• The new 3-year priced at SOFR MS+22bps, which was equivalent to UST +2.8bps equating to the tightest spread versus Treasuries for a CEB US Dollar transaction to date and the tightest spread to treasuries in 3-year for an SSA issuer this year.
• Including this transaction, the CEB has issued over EUR 4.8 billion of its planned EUR 7 billion 2026 funding programme.

Deal details

• After several weeks of geopolitical‑driven volatility, market sentiment improved, supported by the announcement of a ceasefire between the US and Iran, which helped restore a more constructive backdrop.
• Despite some renewed pockets of caution, conditions for primary issuance remained supportive, aided further by a lack of recent supply. The CEB announced the transaction mandate on Tuesday, 12 May 2026, shortly after the release of the US CPI data, at 14:40 CET. IPTs of SOFR MS+25bps area were simultaneously released.
• The transaction met with strong demand from the outset and by the following morning at 08:45 CET, indications of interest reached more than USD 3.7 billion (excl. JLM interest). Books officially opened with the spread set 3bps tighter at SOFR MS+22bps and the size set at USD 1billion.
• Amid a busy primary market, the transaction achieved outstanding traction, with final books closing in excess of USD 4.8 billion (excl. JLM interest) and attracting robust participation from 59 investors.
• The new line priced at 15:49 CET, offering a coupon of 4.000% and a semi-annual yield of 4.045%, equivalent to a re-offer price of 99.874% and a spread of +2.8bps over the UST 3.875% due May 2029.
• By geographic distribution, the majority of allocations went towards the Europe, Middle East and And Africa (EMEA) region (39%), followed by the Americas (36%) and Asia (25%).
• In terms of investor type, Central Banks & Official Institutions were the largest investor component (52%), followed by Banks (33%), Fund Managers (11%) and Other (4%).
• Socially Responsible Investors (SRI) accounted for 48% of the transaction.

Distribution statistics

By geography

EMEA: 39%
Americas: 36%
Asia: 25%

By investor type

CB/OI: 52%
Banks: 33%
Fund managers: 11%
Other: 4%

For full technical details of the transaction, please click here.