By Rebecca Melvin and Cristal Cody
Concord, N.H., June 8 – The Council of Europe Development Bank priced $1 billion three-year social inclusion bonds with a 3% coupon, according to an FWP filing with the Securities and Exchange Commission.
The global notes priced at 99.784 to yield 3.076%, or a spread of 21 basis points over SOFR mid-swaps. The reoffer spread versus the Treasury benchmark was 12.4 bps.
Price talk was in the SOFR mid-swaps plus 23 bps area, according to a market source.
DZ Bank AG, Morgan Stanley, NatWest Markets and RBC Capital Markets were bookrunners for the SEC-registered deal, for which proceeds are earmarked for low-income housing, education and vocational training.
The Paris-based Council of Europe Development Bank finances social projects to member states and neighboring and other countries.
| Issuer: | Council of Europe Development Bank
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| Amount: | $1 billion
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| Issue: | Global notes (social inclusion bonds)
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| Maturity: | June 16, 2025
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| Bookrunners: | DZ Bank AG, Morgan Stanley, NatWest Markets and RBC Capital Markets
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| Coupon: | 3%
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| Price: | 99.784
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| Yield: | 3.076%
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| Spread: | SOFR mid-swaps plus 21 bps, or 12.4 bps over Treasuries
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| Trade date: | June 8
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| Settlement date: | June 16
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| Distribution: | SEC registered
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| Price talk: | SOFR mid-swaps plus 23 bps area
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| Cusip: | 222213BA7
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