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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 22, 2026 6:46 AM ET

PRICED: Council of Europe Development Bank £300m 3yr Sr Unsec; DM+25bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Spread
Council of Europe	3yr	SONIA+25bp	28-Sep-29	£300m	Sr Unsec	Floating	100	DM+25

Reoffer: 3yr: DM+25bp / 100

Tranche 1 (3yr): Peak book above £500m (excl. JLM interest)

Launched: 3yr: £300m @ DM+25bp - Books above £500m (excl. JLM interest)

Issuer: Council of Europe Development Bank
Ticker: COE
Ratings: Aaa / AAA / AAA (Moody's / S&P / Fitch - all stable)
Format: Senior, Unsecured, Reg S Bearer
Size: £300m
Settlement: 29-Sep-26 (T+5)
Maturity: 28-Sep-29
Coupon: FRN, SONIA+25bps, Quarterly, Act/365F, short first
SONIA Convention: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Periods Start/End
Reoffer price: 100% / par
Denominations: £1k+£1k
Docs: Issuer’s MTN Programme
Listing: Luxembourg Stock Exchange’s Regulated Market & London Stock Exchange
Law: English Law
Bookrunners: Morgan Stanley, NatWest, RBC Capital Markets (B&D)
Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR)
ISIN: XS3519615119
Timing: PRICED. TOE 11:36 UKT. FTT immediately