By Devika Patel and Cristal Cody
Knoxville, Tenn., June 3 – The Council of Europe Development Bank (Aa1/AAA/AA+) priced $500 million of 0.375% three-year senior global social inclusion bonds on Thursday at 99.923 to yield 0.401% with a spread of Treasuries plus 8.2 basis points, according to an FWP filing with the Securities and Exchange Commission.
Initial price talk was at the mid-swaps minus 2 basis points area. The notes were guided to the mid-swaps minus 3 bps area and sold at mid-swaps minus 4 bps.
Citigroup, Deutsche Bank, Nomura and Societe Generale CIB are bookrunners for the deal.
Proceeds will be used for the financing and/or refinancing, in part or in full, of new and/or existing eligible social loans according to the bank’s social inclusion bond framework.
The Paris-based Council of Europe Development Bank finances social projects to member states, financial institutions and local authorities for projects including public infrastructure and low-income housing.
| Issuer: | Council of Europe Development Bank
|
| Amount: | $500 million
|
| Description: | Senior global social inclusion bonds
|
| Maturity: | June 10, 2024
|
| Bookrunners: | Citigroup, Deutsche Bank, Nomura and Societe Generale CIB
|
| Coupon: | 0.375%
|
| Price: | 99.923
|
| Yield: | 0.401%
|
| Spread: | Treasuries plus 8.2 bps, or mid-swaps minus 4 bps
|
| Trade date: | June 3
|
| Settlement date: | June 10
|
| Ratings: | Moody’s: Aa1
|
| S&P: AAA
|
| Fitch: AA+
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps minus 2 bps
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
