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Commentary & Deal Flow

by Anna Tkachenko

Jun 10, 2026 7:52 AM ET

PRICED: Council of Europe Development Bank €1bn 10yr Sr Unsec; MS+23bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Council of Europe Development Bank	10yr	3.250%	17-Jun-36	€1bn	Sr Unsec	Fixed	99.187	3.347%	MS+24a	MS+23	-1

Reoffer: 10yr: MS+23bp / 99.187 / 3.347%
Benchmark: DBR 2.9% Feb-36 @ 98.581 / B+27.7bp / HR 102%

Final book: In excess of €1.25bn (incl €150m JLM)

Launched: 10yr: €1bn @ MS+23bp
Guidance: 10yr: MS+24a

Issuer: Council of Europe Development Bank (Ticker: COE)
Issuer LEI: 549300UYNXMI821WYG82
Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
Format: Issued under MTN programme, TEFRA D, Reg S bearer, HQLA1, 0% RW
Size: €1bn
Settlement: 17-Jun-26 (T+5)
Maturity: 17-Jun-36
Coupon: 3.250% Fixed, Annual, ACT/ACT
Yield: 3.347%
Price: 99.187
Spread: MS+23bps
Benchmark: DBR 2.9% Feb-36 +27.7bps (Price: 98.581% / Yield: 3.07%) / HR: 102%
Listing: Luxembourg Stock Exchange's regulated market
Denominations: €1k + €1k
Bookrunners: CACIB (B&D), DB, GSBE SE, Nomura
ISIN: XS3410918612
Timing: Priced. TOE: 12:37 UKT / 13:37 CET | FTT immediately
Advertisement: The Base Prospectus is available at: https://coebank.org/en/investor-relations/funding/bond-issue-programmes/