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Actualités et publications Actualités CEB issues GBP 750m 3.875% Social Inclusion Bond Benchmark due January 2029

Actualités

CEB issues GBP 750m 3.875% Social Inclusion Bond Benchmark due January 2029

05 janvier 2026

Paris - On Monday 5 January 2026, the Council of Europe Development Bank (CEB), rated Aaa/AAA/AAA (all stable), issued its second GBP-denominated Social Inclusion Bond benchmark.

Highlights

  • The new GBP-denominated Social Inclusion Bond Benchmark is the CEB’s first public benchmark of 2026, with a total funding volume for the year projected to be up to EUR 7 bn.
  • The CEB initially extended its Social Inclusion Bond franchise to the GBP market in January 2025 and this marks the CEB’s second Social Inclusion Bond issued in GBP to date.
  • Following a constructive market open, the CEB successfully took advantage of the first GBP window of 2026 to capture cost-efficient funding levels versus other major currencies.
  • The new GBP 750m Jan-29 Social Inclusion Bond benchmark strategically extends the CEB’s GBP curve. The 3-year tenor appealed to a broad array of investors due to the attractive ASW pick-up on offer in this sector.
  • The high-quality, granular orderbook closed in excess of GBP 3.2 bn (incl. GBP 90m JLM interest) which represents the largest GBP orderbook on record for the CEB.
  • CEB Social Inclusion Bond issuances now total over EUR 14.5 bn since their inauguration in 2017.

Deal details

  • On Monday 5 January, with a stable market backdrop, the CEB announced a new GBP-denominated Social Inclusion Bond benchmark due January 2029 at 10:00 CET. Books were opened with initial guidance released at SONIA MS+36bps area.
  • The transaction attracted robust investor engagement from the outset. With the high-quality book accelerating to above GBP 2.3 bn (incl. GBP 90m JLM interest), the issuer released final terms at 11:54 CET with the spread set 1bp tighter at SONIA MS+35bps. The transaction size was concurrently announced at GBP 750m, which represents the largest GBP benchmark issued by the CEB.
  • The orderbook continued to grow and closed in excess of GBP 3.2 bn (incl. GBP 90m JLM interest) at 12:15 CET.
  • The transaction officially priced at 15:04 CET, offering an annual coupon of 3.875%, an annual yield of 3.893%, a reoffer price of 99.950% and a spread of +13.77bps against the UKT 0 ½ 01/31/29.

Distribution statistics

By geography
Asia: 13.9%
EMEA (Exc. UK): 12.3%
UK: 73.8%

By investor type
Banks: 66.8%
CB/OI: 21%
FM: 12.2%

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 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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