CEB issues Inaugural SOFR RegS/144A Floating Rate Note

PARIS - On Wednesday, 4 February 2026, the Council of Europe Development Bank (CEB) successfully priced an inaugural USD 500 million Benchmark 4-year SOFR Floating Rate Note

Highlights

• The new issue constitutes CEB's first-ever SOFR FRN transaction, and their second USD issuance in 2026, following a USD 1 billion Fixed-rate Benchmark transaction priced on 7th January 2026.
• This floating-rate structure enables the CEB to diversify its funding sources and cater to different investor preferences, leveraging a product that has grown in popularity in recent years.
• Amidst robust market conditions and a busy primary market, the transaction attracted strong investor interest, securing orders in excess of $1.2bn from over 30 investors and highlighting global appetite for CEB paper.
• The deal was 2.6x oversubscribed, driven by demand from Bank Treasuries, with a healthy and globally diversified mix of Central banks / Official Institutions and Fund Managers also participating.
• The inaugural 4-year Benchmark SOFR Floating Rate Note priced at a Discount Margin of SOFR +26 bps, 1 bp tighter than Initial Price Thoughts, reflecting strong investor demand for CEB's credit.

Distribution statistics

By geography
EMEA: 61%
AMRS: 26%
APAC: 13%

By investor type
Banks: 66%
CB/OI: 29%
AM/FM: 2%
Other: 3%

For full technical details of the transaction, please click here.

The Council of Europe Development Bank (CEB) is a multilateral development bank with an exclusively social mandate from its 43 member countries. The CEB finances investment and provides technical assistance in social sectors such as education, health and affordable housing, while focusing on the needs of vulnerable people, as well as on the social dimensions of climate change and the environment. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. The CEB, which has a triple-A credit rating, funds itself through international capital markets. In addition, the CEB receives funds from donors to complement its activities.