Actualités et publications Actualités CEB issues USD 1 billion 4.000% Global SIB Benchmark

Actualités

CEB issues USD 1 billion 4.000% Global SIB Benchmark

18 mai 2026

Paris - On Wednesday 13 May 2026, the Council of Europe Development Bank (CEB) issued a new USD 1 billion 4.000% Global Social Inclusion Bond (SIB) Benchmark due 21 May 2029.

Highlights

  • This transaction marks the CEB’s 27th Social Inclusion Bond issued to date and its seventh issued in USD.
  • The transaction gathered a final orderbook above USD 4.8 billion amid a very busy primary market, receiving strong support from a diverse array of top tier investors.
  • Notably, central banks/official institutions accounted for 52% of the allocations while Socially Responsible Investors (SRI) accounted for 48% of the allocated books.
  • The new 3-year priced at SOFR MS+22bps, which was equivalent to UST +2.8bps equating to the tightest spread versus Treasuries for a CEB US Dollar transaction to date and the tightest spread to treasuries in 3-year for an SSA issuer this year.
  • Including this transaction, the CEB has issued over EUR 4.8 billion of its planned EUR 7 billion 2026 funding programme.

Deal details

  • After several weeks of geopolitical‑driven volatility, market sentiment improved, supported by the announcement of a ceasefire between the US and Iran, which helped restore a more constructive backdrop.
  • Despite some renewed pockets of caution, conditions for primary issuance remained supportive, aided further by a lack of recent supply. The CEB announced the transaction mandate on Tuesday, 12 May 2026, shortly after the release of the US CPI data, at 14:40 CET. IPTs of SOFR MS+25bps area were simultaneously released.
  • The transaction met with strong demand from the outset and by the following morning at 08:45 CET, indications of interest reached more than USD 3.7 billion (excl. JLM interest). Books officially opened with the spread set 3bps tighter at SOFR MS+22bps and the size set at USD 1billion.
  • Amid a busy primary market, the transaction achieved outstanding traction, with final books closing in excess of USD 4.8 billion (excl. JLM interest) and attracting robust participation from 59 investors.
  • The new line priced at 15:49 CET, offering a coupon of 4.000% and a semi-annual yield of 4.045%, equivalent to a re-offer price of 99.874% and a spread of +2.8bps over the UST 3.875% due May 2029.
  • By geographic distribution, the majority of allocations went towards the Europe, Middle East and And Africa (EMEA) region (39%), followed by the Americas (36%) and Asia (25%).
  • In terms of investor type, Central Banks & Official Institutions were the largest investor component (52%), followed by Banks (33%), Fund Managers (11%) and Other (4%).
  • Socially Responsible Investors (SRI) accounted for 48% of the transaction.

Distribution statistics

By geography

EMEA: 39%
Americas: 36%
Asia: 25%

By investor type

CB/OI: 52%
Banks: 33%
Fund managers: 11%
Other: 4%

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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