Actualités et publications Actualités CEB issues inaugural GBP 300mn 3-year SONIA Floating Rate Note Benchmark

Actualités

CEB issues inaugural GBP 300mn 3-year SONIA Floating Rate Note Benchmark

22 septembre 2026

PARIS - On 22 September, the Council of Europe Development Bank (CEB) successfully priced an inaugural GBP 300 million 3-year SONIA Floating Rate Note Benchmark.

Highlights

  • The new issue represents CEB’s first SONIA FRN transaction and second GBP issuance in 2026, following a successful GBP 750 million 3-year Social Inclusion Fixed Rate Benchmark priced on 5 January.
  • It also follows CEB’s inaugural SOFR FRN transaction in February 2026, where CEB printed a USD 500 million 4-year Benchmark and went on to tap the line for USD 250 million in September.
  • The transaction priced at a Discount Margin of SONIA+25bps, 1bp tighter than Guidance, reflecting strong investor demand for both the product and CEB’s credit.
  • To date, the CEB has issued over EUR 6.7 billion of its planned EUR 7 billion 2026 funding programme.

Deal details:

  • At 09:29 CET on Tuesday 22nd September, amidst a stable market backdrop, the CEB announced its inaugural GBP 300m (“WNG”) 3-year SONIA FRN transaction, with Guidance of SONIA DM+26bps area.
  • Following just under two hours of constructive bookbuilding, the transaction was launched with a final spread of SONIA DM+25bps, supported by a high-quality orderbook of over GBP 500 million (excl. JLM interest).
  • Post-launch, the transaction garnered further demand, with the orderbook closing above GBP 550 million (excl. JLM interest).
  • The transaction priced at 12:36 CET, with a re-offer price of 100.00% and a Discount Margin of SONIA +25bps.
  • UK and Ireland accounts took the lion’s share of allocated demand as expected (81%), with 19% going to other regions.
  • Bank Treasuries were the largest component (98%), complemented by some fund manager participation (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 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.