CEB issues GBP 250 million 1.250% September 2026 Benchmark

18 janvier 2022

Transaction highlights: 

  • Council of Europe Development Bank’s (CEB) first GBP Benchmark transaction of 2022
  • Adding a new liquid point to CEB’s GBP Benchmark curve, complementing their Dec-25 and Jul-27 maturities
  • Final orderbook closed in excess of £300 million (excl. JLM interest)

PARIS - On Tuesday 18th January 2022, Council of Europe Development Bank (“CEB”), rated Aa1 (Stable) / AAA (Stable) / AA+ (Positive) by Moody’s / S&P / Fitch, priced a new GBP250 million Sep-26 Benchmark at UKT 1.500% Jul-26 + 35bps. The Joint Lead Managers on the transaction were BofA Securities, RBC Capital Markets and TD Securities.

Council of Europe reacted swiftly to the constructive tone in the Sterling market to announce a GBP Sep-26 Benchmark at 15.55pm UKT on Monday afternoon. Initial-price-thoughts (IPTs) of UKT+35bps area were also released. 

Orderbooks officially opened at 08.06am UKT on Tuesday morning, with price guidance unchanged at UKT+35bps area at this juncture. 

The transaction enjoyed a strong reception during the European morning, with demand in excess of GBP350 million (excl. JLM interest) by the time of the first update at 10.47am UKT. Given the size and quality of demand and in order to provide clarity to investors, the spread was set at UKT+35bps. It was also communicated that books were to close at 11.40am UKT.  

A final orderbook in excess of GBP300 million (excl. JLM interest) allowed the issuer to comfortably set the size of the transaction at GBP250 million. Pricing occurred shortly after 13.15pm UKT with an annual coupon of 1.250%. 

In line with the issuer’s strategy over the past years, this transaction enhances the liquidity of CEB’s GBP Benchmark curve with a new 2026 pricing reference, complementing CEB’s existing 2025 and 2027 maturities.

Investor distribution  

By geography

UK: 80%
EMEA (ex. UK): 6%
Asia: 13%
Americas: 1%

By investor type

Banks & Bank Treasuries: 63%
Fund Managers / Insurance / Pension Funds: 24%
Central Bank / Official Institutions: 13%

Full technical details of the transaction

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 stable 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.

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