By Marisa Wong
Los Angeles, May 16 – Council of Europe Development Bank (Aaa/AAA/AA+) priced $1 billion of 3.75% three-year global senior notes at 99.792 to yield 3.824% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The social inclusion bonds priced with a spread of 24 basis points over SOFR mid-swaps, or 9.9 bps over Treasuries.
Credit Agricole CIB, Morgan Stanley Europe SE, NatWest Markets NV and Nomura Financial Products Europe GmbH are the underwriters.
Proceeds will be used to finance or refinance new or existing eligible social loans according to the company’s social inclusion bond framework in one or several of the following sectors: social housing for low-income persons; education and vocational training; health and social care; and micro, small and medium-sized enterprises for the creation and preservation of viable jobs.
The Paris-based Council of Europe Development Bank finances social projects to member states and other countries.
| Issuer: | Council of Europe Development Bank
|
| Amount: | $1 billion
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| Issue: | Global senior notes, social inclusion bonds
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| Maturity: | May 25, 2026
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| Underwriters: | Credit Agricole CIB, Morgan Stanley Europe SE, NatWest Markets NV and Nomura Financial Products Europe GmbH
|
| Coupon: | 3.75%
|
| Price: | 99.792
|
| Yield: | 3.824%
|
| Spread: | SOFR mid-swaps plus 24 bps, or Treasuries plus 9.9 bps
|
| Pricing date: | May 16
|
| Settlement date: | May 25
|
| Issuer ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AA+
|
| Distribution: | SEC registered
|
| Cusip: | 222213BC3
|
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