Council of Europe launches $500 million three-year Covid-19 bonds at mid-swaps plus 8 bps

By Cristal Cody

Tupelo, Miss., June 3 – The Council of Europe Development Bank (Aa1/AAA/AA+) launched a $500 million offering of three-year global Covid-19 response social inclusion bonds on Wednesday at mid-swaps plus 8 basis points, according to a market source.

Initial price talk was at the mid-swaps plus 11 bps area with guidance firmed to the mid-swaps plus 10 bps area.

Credit Agricole CIB, Daiwa Capital Markets Europe Ltd., J.P. Morgan Securities plc and NatWest Markets Securities Inc. are the bookrunners.

The council held global fixed income investor calls for the deal on Tuesday.

The Paris-based Council of Europe Development Bank finances social projects of member states, financial institutions and local authorities for projects including public infrastructure and low-income housing.

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