Council of Europe Development Bank’s $1 Billion Offering

July 16, 2022

Cleary Gottlieb represented DZ BANK AG, Morgan Stanley Europe SE, NatWest Markets N.V., and RBC Capital Markets LLC, as underwriters, in a registered offering by the Council of Europe Development Bank (CEB) of $1 billion of 3% notes due 2025 (social inclusion bond).

The offering priced on June 8, 2022, and closed on June 16, 2022.

CEB is a multilateral development bank with a social vocation, established in 1956 by eight Council of Europe countries. Currently, 42 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 from it. 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 over €43 billion in loans.