Council of Europe Development Bank $1 Billion Offering

January 27, 2017

Cleary Gottlieb represented Barclays, J.P. Morgan, RBC Capital Markets and TD Securities as underwriters in a registered offering by the Council of Europe Development Bank of $1 billion of 1.875 percent notes due 2020.

This offering priced on January 19, 2017, and closed on January 27, 2017.

CEB is a multilateral development bank with a social vocation, established in 1956 by eight Council of Europe countries. Forty-one European states are currently members of CEB. The bank falls under the supreme authority of the Council of Europe but is legally separate and financially autonomous from it. The bank is solely responsible for its own indebtedness.

CEB’s activities include providing aid to victims of natural or ecological disasters and other social objectives directly contributing to strengthening social cohesion in Europe, such as supporting countries grappling with migrant and refugee flows, education and vocational training, health, social housing, employment in SMEs, improving living conditions in urban and rural areas, protection of the environment, preservation of historic and cultural heritage, and infrastructure intended for administrative and judicial public services. In order to serve these objectives, the bank grants or guarantees long-term loans to its member states or institutions approved by them. Since its inception, CEB has granted approximately €44.9 billion in loans.