La banque de développement social pour l’Europe

Actualités

CEB issues new A$300m Kangaroo transaction due 8 October 2024

1 octobre 2021

  • The Council of Europe Development Bank’s (CEB) highly successful strategic “re-entry” kangaroo benchmark transaction
  • Successfully re-engaging a broad spectrum of A$ investors both domestically and offshore
  • Offering investors a fresh point of liquidity and paving the way for future issuance in Kangaroo format

PARIS – On Thursday, 30 September 2021, the Council of Europe Development Bank (CEB), rated Aa1/AAA/AA+ (stab/stab/pos), priced a remarkable new A$300m three-year Kangaroo transaction due 8 October 2024. The Joint Lead Managers on the transaction were Nomura, RBC Capital Markets, and TD Securities.

This transaction represents CEB’s first strategic Kangaroo benchmark since 2010 and marks a successful “re-entry” into the market. Re-engaging with a diverse set of investors both domestically and offshore, the CEB has notably repositioned its credit after a long hiatus away from the market and paved the way for future Kangaroo issuance.

The CEB took advantage of a strong backdrop in the SSA Kangaroo primary markets and moved quickly to secure a clear issuance window amid a busy new issue pipeline.

The new mandate was announced on Wednesday, 29 September, at 12:00 pm Sydney time with spread guidance released simultaneously at BBSW+10bps area for an “A$ Benchmark” transaction.

The orderbook attracted a number of high-quality investors throughout the European and Americas sessions, allowing the Syndicate to release a book update on Thursday, 30 September, of over A$260m (incl. 75m JLM) at 9:30 am Sydney time, and a deal size of A$300m minimum with the final spread set at BBSW+10bps.

Further momentum during the Sydney-time morning enabled a further book update of over A$340m. (incl. 75m JLM), with the final deal size set at A$300m. Pricing took place shortly after 4:30 pm Sydney time. The new bond offered a 0.6225% re-offer yield and a semi-annual coupon of 0.6%.

The transaction attracted a wide range of investors with domestic investors notably accounting for 45%, and with Europe, Middle East and Africa accounts taking 33%. In terms of investor type, bank treasuries took the lions share at 57%, with AM/PF/INS at 26%, and central banks/official institutions taking 17%.

Investor distribution 
By geography
Domestic investors 45%
Europe, Middle East, and Africa 33%
Asia 16%
Americas 6%

By investor type 
Banks/bank treasuries 57%
AM/Ins/PF 26%
Central banks/official institutions 17%

Full technical details of the transaction

Télécharger

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 positive 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.
*non-sollicité

Liens associés