Council of Europe Development Bank’s (CEB) first benchmark transaction of 2020
Strong demand from high quality investor base, highlighting CEB’s status as a safe haven asset for global investors

Council of Europe Development Bank (CEB), rated Aa1/AAA/AA+ (stable / stable / positive), priced a EUR 1bn “no-grow” 10-year benchmark, joint lead managed by Barclays, Goldman Sachs International, Nomura and Societe Generale. The transaction represents CEB’s first EUR outing of 2020.


Following a strong week in the SSA primary markets with a number of issuers coming to the market, CEB announced the mandate for a EUR 10-year benchmark at 11:50hrs London on Monday 13th January to secure an issuance window, in the expectation of competing supply.

On Tuesday 14th January shortly before 08.00hrs London, books were officially opened and guidance of mid-swaps-9bps area was released simultaneously for a no-grow size of EUR 1 bn. Against a stable market backdrop, the transaction garnered demand from the outset, especially from the Bank Treasury community, underscoring CEB’s status as a preferred liquidity credit for global investors.

With orderbooks standing in excess of EUR 1.1bn, the syndicate immediately set spread at mid-swaps-9bps at 11.50hrs London. Soon thereafter, it was announced that books would go subject at 11.30hrs London with orderbooks already in excess of EUR 1.25bn.

The new CEB 10-year EUR was priced at 12:50hrs London at mid-swaps-9bps, equating to a 30bps spread vs the DBR 0% maturing August 2029.

CEB gathered demand from a wide range of global investors, with over 38 separate orders and a book in excess of EUR 1.25bn. The quality of the transaction was underscored by the high proportion of Official Institutions (32%) and Banks 48%) tickets.


Investor Distribution



By Geography

Asia 20%

Germany / Austria / Switzerland 19%

UK 16%

Other Europe 13%

France 12%

Benelux 10%

Americas 10%

By Investor Type


Banks 48%

CB/OI 32%

Asset Manager 12%

Other 8%