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Asset Backed Securities
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Grand Duchy of Luxembourg
Banque et Caisse d'Epargne de l'Etat

Banque et Caisse d'Epargne de l'Etat (BCEE)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
BCEE
Banque et Caisse d'Epargne de l'Etat€500
1EMEA
Sep 30, 2026
currency
EUR
size (m)
500.000
maturity
Oct 7, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
-
ipt-pxd
-7
guidance
MS+38 area
spread
31
coupon
3.875%
spread set
-
price
99.73500
yield
3.919%
book size (m)
1,800
peak book (m)
1,800
x-covered
3.6
book attrition
0.00%
nic
-
billing & delivering
NAT
active leads
-
joint leads
BLF,DEU,LBW,NAT
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,800
peak book (m)
1,800
x-covered
3.6
book attrition
0.00%
nic
-
billing & delivering
NAT
active leads
-
joint leads
BLF,DEU,LBW,NAT
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1800; Registration: Reg S Only; Comments: DBR 2.6 08/15/33 at 94.892 / B+47.2bps. HR 103%. LEI: R7CQUF1DQM73HUTV1078;
Use of Proceeds
An amount equivalent to the net proceeds will be used to finance or refinance, in whole or in part, Eligible Green Assets as described in the Issuer’s Green Bond Framework dated September 2024 which consists of residential mortgage loans and commercial real estate financing for buildings that belong to the top 15% most energy efficient buildings in Luxembourg
Relative Value

COMPS

Issuer

Outstanding (EUR)

Rating (M/S/F)

Coupon

Issue Date

Maturity Date

I-mid

ESG

BeNe Covered Bonds

CCBGBB

0.75 bn

- / AAA / AAA

3.25%

27.05.2026

27.05.2032

21


NNGRNV

0.50 bn

- / AAA / -

3.13%

18.05.2026

18.05.2033

22

green

INTNED

0.75 bn

Aaa / AAA / AAA

3.50%

14.09.2026

14.09.2034

26


German Covered Bonds

LBBW

1.00 bn

Aaa / - / -

3.13%

29.05.2026

28.05.2032

15


CMZB

1.00 bn

Aaa / - / -

3.13%

16.04.2026

14.01.2033

19


NDB

0.75 bn

Aaa / - / -

3.50%

11.09.2026

12.09.2033

23


Nordic Covered Bonds

SWEDA

1.00 bn

Aaa / AAA / -

3.00%

08.06.2026

08.06.2033

22


SPABOL

1.00 bn

Aaa / - / -

3.38%

26.08.2026

26.08.2033

22

green

SNOBNO

0.75 bn

Aaa / - / -

3.25%

02.09.2026

02.09.2033

22

green

NDAFH

0.75 bn

Aaa / - / -

3.50%

14.09.2026

14.09.2033

23


Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Sep 30, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess) €500m 7yr CB; MS+31bpSep 30, 2026
ALLOCATIONS OUT: Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess) €500m 7yr CB; MS+31Sep 30, 2026
LAUNCHED: Spuerkeess €500m 7yr Green CB; MS+31bpSep 30, 2026
UPDATE (BOOKS): Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess) €500m WNG 7yr Green CB; MS+38aSep 30, 2026
NEW ISSUE: Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess) €500m WNG 7yr Green CB; MS+38aSep 30, 2026
MANDATE UPDATE: Spuerkeess Inv Calls; Reg S €500m WNG 7yr Green CB Offering May FollowSep 29, 2026
MANDATE: Spuerkeess Inv Calls; Reg S €500m WNG 7yr Green CB Offering May FollowSep 21, 2026
1 to 7 of 7
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Pricing
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Career Portal
CapEdge
CreditFlow
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DealVDR
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Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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