Actualités
CEB issues A$250m 2.45% Kangaroo Benchmark due February 2027
18 février 2022
Transaction highlights:
- Council of Europe Development Bank’s (CEB) strategic return to the Kangaroo market
- Successfully re-engaging a broad spectrum of A$ investors both domestically and offshore
- Offering investors a fresh point of liquidity, and follows on from successful A$300mn 3-year in September 2021
PARIS - On Friday 18th February 2022, Council of Europe Development Bank (CEB), rated Aa1/AAA/AA+ (stab/stab/pos), priced a new A$250m 5-year Kangaroo transaction due 25 February 2027. The Joint Lead Managers on the transaction were ANZ, J.P. Morgan and TD Securities.
This transaction adds a new benchmark reference point on CEB’s Kangaroo curve, following on from its $A300mn 3yr transaction last September.
CEB moved swiftly to proceed with the project amidst a busy Kangaroo market, whilst also successfully navigating around a volatile backdrop driven by geopolitical tensions and inflationary concerns.
The new mandate was announced on Thursday, 17th February at 12.pm Sydney time with spread guidance released simultaneously at S/Q ASW+28bps area for an “A$ Benchmark” transaction.
The orderbook attracted a number of high-quality investors throughout the European and Americas sessions, allowing the Syndicate to release a book update on Friday 18th of over A$210m (incl. 70m JLM) at 10am Sydney.
With a final orderbook over A$270m (incl. 70m JLM), the deal size was set at A$250m. Pricing took place shortly after 2.45pm Sydney time. The new bond offered a 2.4725% re-offer yield and a semi-annual coupon of 2.45%.
Investor distribution
By geography
Domestics: 33%
EMEA: 17%
Asia: 46%
Americas: 4%
By investor type
Banks & Bank Treasuries: 32%
AM/Ins/PF: 22%
Central Bank / Official Institutions: 46%
Fondée en 1956, la CEB (Banque de Développement du Conseil de l'Europe) compte 42 États membres, dont 22 pays d'Europe centrale, orientale et du Sud-Est formant les pays cibles de la Banque. En tant qu'instrument majeur de la politique de solidarité en Europe, la Banque finance des projets sociaux en mettant à leur disposition des ressources levées dans des conditions reflétant la qualité de sa notation (Aa1 auprès de Moody's, perspective stable, AAA auprès de Standard & Poor's, perspective stable, AA+ auprès de Fitch Ratings, perspective positive et AAA* auprès de Scope Ratings, perspective stable). Elle accorde des prêts à ses États membres, à des établissements financiers et à des autorités locales pour le financement de projets dans le secteur social, conformément à son Statut.
*non-sollicité
Contact
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Anne Flori
+33 1 47 55 57 88