Actualités et publications Actualités CEB issues EUR 1 billion 3.250% Benchmark due 17 June 2036

Actualités

CEB issues EUR 1 billion 3.250% Benchmark due 17 June 2036

11 juin 2026

Paris – On Wednesday 10 June 2026, CEB, rated Aaa/AAA/AAA (all stable), priced a new EUR 1 billion 10-year benchmark due 17 June 2036.

Highlights

  • The transaction marks CEB’s second EUR benchmark of 2026, following its successful EUR 1 billion 7-year issuance in April. With this transaction, CEB also extends its EUR curve, establishing a new liquid benchmark in the strategic 2036 maturity bucket.
  • Pricing at MS+23bps points to a slim new issue premium, at a minimal concession to the recent EIB 10-year transaction and theoretical fair value indications.
  • Including this transaction, the CEB has issued over EUR 5.8 billion of its planned EUR 7 billion funding programme for 2026.

Deal details

  • The new EUR 10-year benchmark mandate for the Council of Europe Development Bank was announced to the market on Tuesday 9 June 2026 at 11:15 CET.
  • Against a busy market backdrop, with over EUR 30 billion issued in the EUR SSA space this week, the issuer identified a viable window ahead of a packed calendar of central bank meetings and key economic data releases.
  • On Wednesday 10 June 2026 at 08:57 CET, books officially opened with a guidance level of MS+24bps area.
  • A first update was communicated less than 1.5 hours later, setting the spread at MS+23bps (1bp tighter than initial guidance) and simultaneously fixing the size at EUR 1 billion, on the back of books exceeding EUR 1.25 billion (incl. EUR 150 million JLM interest).
  • Finally, at 13:37 CET, the new EUR 1billion benchmark was priced. The deal pays a coupon of 3.250%, with a reoffer price and yield of 99.187% and 3.347% p.a. respectively
  • Allocations wise, French investors took the lion’s share with 33% of allocated demand, followed by UK/Ireland (29%), Other Europe (26%), Germany/Austria/Switzerland (7%) and MEA (5%).
  • Investor quality on this deal was of very high, with Banks / Bank Treasuries & Other taking 66% of the allocations, followed by CBs / OIs (17%) and Asset & Fund Manager (17%).

Distribution statistics

By geography
France: 33%
UK / Ireland: 29%
Other Europe: 26%
Germany / Austria / Switzerland: 7%
MEA: 5%

By investor type
Banks / Bank Treasuries & Other: 66%
CBs / OIs: 17%
Asset & Fund manager: 17%

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

La Banque de Développement du Conseil de l’Europe (CEB) est une banque multilatérale de développement dotée d’un mandat exclusivement social par ses 43 États membres. La CEB finance des projets d'investissements et fournit une assistance technique dans les secteurs sociaux, notamment l’éducation, la santé et le logement abordable, en mettant l’accent sur les besoins des personnes vulnérables, ainsi que sur les dimensions sociales du changement climatique et de la dégradation de l’environnement. Les emprunteurs sont des gouvernements, des autorités locales et régionales, des banques publiques et privées, des organisations à but non lucratif et autres. La CEB, qui bénéficie d’une notation triple A, se finance sur les marchés internationaux de capitaux. En outre, la CEB reçoit des fonds de donateurs en complément de ses activités.

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