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Actualités et publications Actualités CEB issues USD 1bn 3.625% 3-year Global Social Inclusion Bond Benchmark

Actualités

CEB issues USD 1bn 3.625% 3-year Global Social Inclusion Bond Benchmark

05 mai 2025

Highlights

  • The transaction gathered a final orderbook above USD 1.8 billion despite a very busy primary market.
  • The deal demonstrated robust demand and high quality, receiving strong support from a diverse array of top tier investors. Notably central banks/official institutions accounted for 69% of the allocations.
  • The new 3-year priced at SOFR MS+36 bps (UST+7.2bps equivalent), tightening 1bp during execution.
  • Today’s transaction brings CEB’s combined 2025 Social Inclusion Bond issuance to a 57% share of the total Funding amount issued in 2025 YTD.

Deal details

  • The mandate for this USD Global Social Inclusion Bond benchmark was announced to the market on Tuesday 30th April at 13.00 CET with IPTs of SOFR MS+37bps area.
  • The transaction met with strong demand from the outset and by the following morning at 08.54 CET, indications of interest reached more than USD 1 billion (excl. JLM interest). Books officially opened with spread guidance of SOFR MS+37bps area.
  • By 11.17 CET, books reached over USD 1.6 billion (Including USD 100 million JLM Interest) allowing the spread to be set at SOFR MS+36bps and the size of the transaction at USD 1 billion.
  • Final books closed in excess of USD 1.8 billion (excl. JLM interest) with the transaction receiving robust demand from 44 investors.
  • The new line priced at 15.26 CET, offering a coupon of 3.625% and a semi-annual yield of 3.691%, equivalent to a re-offer price of 99.814% and a spread of 7.2bps over the UST 3.75% due April-2028.
  • By geographic distribution, the majority of allocations went towards the EMEA region (60%), followed by the Americas (20%) and Asia (20%).
  • In terms of investor type, Central Banks & Official Institutions were the largest investor component (69%), followed by Banks (22%), Fund Managers (7%) and Other (2%).

Distribution statistics

By geography:
Americas: 20%
Asia: 20%
EMEA: 60%

By investor type
CB/OI: 69%
Banks: 22%
Fund Managers: 7%
Other: 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 dont la mission unique est de promouvoir la cohésion sociale dans ses 43 États membres à travers l’Europe. La CEB finance des investissements dans des secteurs sociaux, notamment l’éducation, la santé et le logement abordable, en mettant l’accent sur les besoins des personnes vulnérables. Les emprunteurs sont des gouvernements, des autorités locales et régionales, des banques publiques et privées, des organisations à but non lucratif et autres. En tant que banque multilatérale dotée d’une excellente notation de crédit, la CEB se finance sur les marchés internationaux de capitaux. Elle approuve les projets selon des critères sociaux, environnementaux et de gouvernance stricts, et fournit une assistance technique. En outre, la CEB reçoit des fonds de donateurs en complément de ses activités.

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