Council of Europe Development Bank in $1 Billion Offering

February 22, 2012

Cleary Gottlieb represented Barclays, Daiwa Capital Markets Europe, HSBC and RBC Capital Markets as underwriters in a registered offering by the Council of Europe Development Bank (“CEB”) of $1 billion of 1.500% 5-year notes. This deal comes after three U.S. notes offerings by CEB in 2011. Cleary Gottlieb represented the underwriters in all three offerings, totaling $3 billion. This offering priced on February 14 and closed on February 22.

CEB is a multilateral development bank with a social vocation, established in 1956 by eight Council of Europe countries. Currently, 40 European states are members of CEB. The bank falls under the supreme authority of the Council of Europe, but is legally separate and financially autonomous. The bank is solely responsible for its own indebtedness. CEB’s activities are aimed at social objectives that help strengthen social cohesion in Europe and include providing aid to victims of natural or ecological disasters, 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. To serve these objectives, the bank grants or guarantees long-term loans to its member states or institutions they approve. Since its inception, CEB has granted more than €33.6 billion in loans.