Cleary Gottlieb represented CIBC Capital Markets (Europe) S.A., RBC Europe Limited, and TD Global Finance Unlimited Company, as underwriters, in a registered offering by the Council of Europe Development Bank (CEB) of C$300 million of 1% notes due 2024.
The offering priced on October 14, 2021, and closed on October 21, 2021.
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.