CoE Development Bank EUR benchmark 10Y MS+24 area

On June 12, 2025, the Council of Europe Development Bank (CEB) successfully priced a EUR 1 billion 10-year benchmark bond due June 19, 2035, with a re-offer yield of 2.868%. The bond was issued at a re-offer price of 98.987% and priced with spread of +39.4 basis points over the DBR 2 ½ 02/15/35. The transaction attracted strong investor demand, with an order book exceeding EUR 3.5 billion, the largest EUR order book for CEB since 2021 and the second-largest for a 10-year EUR benchmark in its history.

The final spread of MS+37bps represented a 3bps tightening from initial guidance of MS+40bps. The transaction was well-diversified, with over 70 accounts participating, including 48% from banks, 26% from CB/OIs, and 24% from asset managers. Geographically, 78% of demand from European investors, with additional interest from Middle Eastern and Asian investors.

This issuance extended CEB’s EUR yield curve and provided a new on-the-run 10-year reference, reflecting strong market confidence in the institution’s credit quality and issuance strategy.