Actualités et publications Actualités CEB issues EUR 1 billion 7-year Social Inclusion Bond Benchmark due April 2033

Actualités

CEB issues EUR 1 billion 7-year Social Inclusion Bond Benchmark due April 2033

10 avril 2026

Paris - On 9 April 2026, the Council of Europe Development Bank (CEB), rated Aaa/AAA/AAA (all stable), successfully priced a EUR 1bn 7-year Social Inclusion Bond (SIB) due 16 April 2033.

Highlights

  • This transaction represents CEB’s flagship annual EUR-denominated 7-year SIB and marks the 10th series of this benchmark line.
  • The transaction attracted sizeable orders from high-quality investors from the outset, with demand for this 7-year SIB in excess of EUR 2.25bn when books closed.
  • Socially Responsible Investors (SRI) provided very strong support with two thirds of the issue allocated to such investors, in line with previous CEB SRI transactions.

Deal details

  • After collecting investor feedback and Indications of Interest following the mandate announcement on Wednesday, CEB opened books with Guidance at MS+18bps area on Thursday, 9 April at 08:58 CET, using the CEB and other Supranational peer curves as reference points.
  • The orderbook grew quickly, with most of the early demand coming from European bank treasuries, followed by asset managers and insurers.
  • Despite the positive market open, broader sentiment remained relatively cautious given the ongoing macro volatility, with a few investors expressing some spread sensitivity.
  • Nevertheless, the orderbook continued to build, with additional demand from bank treasuries and official institutions, allowing CEB to set the final spread and size in a single step. Final terms were set at EUR 1bn at MS+16bps, on the back of a EUR 2.25bn orderbook (including JLMs) at 10:59 CET.
  • The transaction priced at 14:00 CET, paying a coupon of 3.000% with a re-offer price of 99.727 and yield of 3.044%.
  • Socially responsible investors were a key anchor of the transaction, accounting for two thirds of the allocation, underlining the defensive appeal and social impact of CEB’s Social Inclusion format during periods of geopolitical uncertainty.
  • Investor quality was very high with a 62% allocation to bank treasuries and 19% to fund managers. Central banks and official institutions accounted for 12% of the allocated book, while 7% was allocated to insurers and pension funds. Geographically, the German / Austrian (38%) and Benelux investors (20%) had the highest allocations, followed by French (11%), UK (10%), and Nordic (6%) investors.
  • Overall, the transaction demonstrates CEB’s ability to execute successful benchmark transactions in volatile markets and underscores the strength of its Social Inclusion Bond programme and investor following.

Distribution statistics

By geography
Germany/Austria: 38%
Benelux: 20%
France: 11%
UK: 10%
Nordics: 6%
Southern Europe: 4%
Other Europe: 4%
MEA: 5%
North America: 2%

By investor type
Banks: 62%
FM: 19%
CB/OI: 12%
Ins/PF: 7%

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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