Actualités
The CEB launches EUR 1 billion 10-year benchmark
02 juin 2015
PARIS - On June 2, the Council of Europe Development Bank (CEB,) rated Aa1/AA+/AA+, successfully launched and priced a new EUR 1bn 10-year benchmark due on 9 June 2025.
This is the issuer’s first EUR benchmark transaction this year and the first since April 2014, following a 4-year GBP transaction in February and a 5-year USD benchmark in March.
The issuer decided to take advantage of the short window ahead of the ECB on Wednesday, the German holiday on Thursday and US payrolls on Friday to avoid the potential EUR supply the following week. Crédit Agricole, Goldman Sachs International, HSBC and Morgan Stanley were mandated as joint lead managers on the transaction.
The mandate for a EUR 1bn (no grow) 10-year EUR benchmark was announced at 8.15am London time and books were formally opened with a guidance of MS-16bps area.
The spread was set at MS-16bps after 2 hours of bookbuilding with orders in excess of EUR 850mm. After the spread was set, the orderbook continued to grow with some last minute high quality orders and final books closed in excess of EUR 1.1bn.
The book was highly granular, with close to 40 accounts participating in the transaction, highlighting CEB’s strong investor franchise in the Euro market despite volatile market conditions.
Fondée en 1956, la CEB (Banque de Développement de Conseil de l'Europe) compte 41 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, AA+ auprès de Standard & Poor's, perspective stable et AA+ auprès de Fitch 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.