Actualités

CEB issues a new 0.750% £300m Benchmark due 22 July 2027

23 janvier 2020

 Highlights

  • CEB extends its GBP curve to the 7-year tenor
  • The transaction allows CEB to tap into a new investor base within the sterling market  

On the 23rd January 2020, CEB successfully priced a new £300m long 7-year GBP benchmark due 22nd July 2027. This new  transaction allowed CEB to extend their GBP curve by 5 years from 2022 out to 2027.  

The new mandate was announced on Thursday, 23rd January at 09.05 London time with guidance of UKT 1.25% 22/07/2027 + 39bps area.  

The orderbook quickly attracted a number of high quality investors, enabling the issuer to release a book update at 11.15am London time stating that books were over £340m (excl. JLM).  

An hour later, at 12.16pm London time, given the ongoing demand, a further update was announced to the market, setting the spread at UKT +38bps with books over £425m. This enabled the issuer to set the deal size to £300m.  

The transaction was priced shortly after 15.00pm London time with an annual coupon of 0.750% and a re-offer price of 99.339%, equating to a re-offer yield of 0.840% (semi-annual).  

The deal attracted broad interest both geographically and by investor type, with just under 50% of the orderbook coming from non-UK investors.

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Full technical details of the transaction

Fondée en 1956, la CEB (Banque de Développement du Conseil de l'Europe) compte 41 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 (AA+ auprès de Fitch Ratings, perspective positive, AAA auprès de Standard & Poor's, perspective stable et Aa1 auprès de Moody's, 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.

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