Bond European Development Council Bank 1% ( US222213AZ36 ) in CAD

European Development Council Bank

100 % ▲

France

US222213AZ36 ( in CAD )

1% per year ( payment 2 times a year)

20/10/2024 - Bond has expired

Prospectus brochure of the bond Council of Europe Development Bank US222213AZ36 in CAD 1%, expired

1 000 CAD

300 000 000 CAD

222213AZ3

The Council of Europe Development Bank (CEB) is an international financial institution that provides loans and other financial instruments to support social development projects in its member states.

The Bond issued by European Development Council Bank ( France ) , in CAD, with the ISIN code US222213AZ36, pays a coupon of 1% per year.
The coupons are paid 2 times per year and the Bond maturity is 20/10/2024

TABLE OF CONTENTS
Filed pursuant to Rule 424(b)(5)
Registration Statement No. 333-240160
PRICING SUPPLEMENT
(To prospectus supplement dated December 22, 2020
and prospectus dated October 30, 2020)
COUNCIL OF EUROPE
DEVELOPMENT BANK
C$300,000,000
1.000% Notes due October 21, 2024
The Council of Europe Development Bank (the "Bank" or "CEB") will pay interest on the 1.000% Notes due October 21, 2024 (the
"Notes") on April 21 and October 21 of each year. Interest will accrue on the Notes from and including October 21, 2021 and the first interest
payment date will be April 21, 2022. The CEB may not redeem the Notes prior to their maturity. There is no sinking fund for the Notes.
Purchasers of the Notes must make payment in Canadian dollars. The CEB will pay the principal of and interest on the Notes in Canadian
dollars. However, you will receive the principal of and interest on the Notes in U.S. dollars unless you elect to receive such payments in
Canadian dollars. See "Summary of the Offering--Currency of Payments on the Notes" in this pricing supplement.
For information on exchange risks, see "Currency Conversions and Foreign Exchange Risks" in the accompanying prospectus and
"Foreign Exchange Exposure" in this pricing supplement.

The CEB has applied for the Notes to be admitted to the official list of, and to trading on, the regulated market of the Luxembourg Stock
Exchange.
PRICE: 99.656% AND ACCRUED INTEREST, IF ANY

Underwriting
Price to
Discounts
Proceeds to

Public(1)
and Commissions(2)
CEB(3)

Per Note

99.656 %
0.022%
99.634 %
Total
C$298,968,000.00 C$66,000.00 C$298,902,000.00

(1) Plus accrued interest, if any, from October 21, 2021, if settlement occurs after that date.
(2) The CEB has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act
of 1933, as amended.
(3) Before deducting expenses related to the offering.

Neither the U.S. Securities and Exchange Commission, any state securities commission, the Luxembourg Stock Exchange nor any foreign
governmental agency has approved or disapproved of these securities or determined whether this pricing supplement or the accompanying
prospectus supplement or prospectus is accurate and complete. Any representation to the contrary is a criminal offense.
The Underwriters expect to deliver the Notes to purchasers in book-entry form only through The Depository Trust Company ("DTC") on
October 21, 2021.

CIBC Capital Markets

RBC Capital Markets

TD Securities

Pricing Supplement dated October 14, 2021

TABLE OF CONTENTS

TABLE OF CONTENTS

Page
Pricing Supplement

WHERE YOU CAN FIND MORE INFORMATION
PS-3
SUMMARY OF THE OFFERING
PS-4
FOREIGN EXCHANGE EXPOSURE
PS-7
USE OF PROCEEDS
PS-7
ADDITIONAL INFORMATION ON UNITED STATES TAXATION
PS-7
UNDERWRITING
PS-9
VALIDITY OF THE NOTES
PS-11
EXPERTS
PS-11
GENERAL INFORMATION
PS-11
Prospectus Supplement

INFORMATION RELATING TO THE NOTES

S-3
USE OF PROCEEDS

S-3
DESCRIPTION OF THE NOTES

S-4
RISKS RELATING TO THE USE OF PROCEEDS OF CERTAIN NOTES

S-7
Prospectus

ABOUT THIS PROSPECTUS

1
FORWARD-LOOKING STATEMENTS

1
WHERE YOU CAN FIND MORE INFORMATION

2
THE COUNCIL OF EUROPE DEVELOPMENT BANK

3
USE OF PROCEEDS

4
DEBT RECORD

4
DESCRIPTION OF SECURITIES

5
GLOBAL CLEARANCE AND SETTLEMENT

10
CURRENCY CONVERSIONS AND FOREIGN EXCHANGE RISKS

13
UNITED STATES TAXATION

15
VALIDITY OF THE SECURITIES

26
AUTHORIZED REPRESENTATIVE

26
EXPERTS

26
ENFORCEMENT OF CIVIL LIABILITIES AGAINST CEB

26

This pricing supplement should be read together with the accompanying prospectus supplement dated
December 22, 2020 setting forth information relating to the Notes, the accompanying prospectus dated
October 30, 2020, and the documents incorporated herein by reference (see "Where You Can Find More
Information" in this pricing supplement). These documents taken together are herein referred to as the
"disclosure document." The documents incorporated herein by reference contain information regarding the
CEB and other matters. Further information concerning the CEB and the Notes offered hereby may be found
in the registration statement (Registration No. 333-240160) filed with the U.S. Securities and Exchange
Commission (the "SEC") under the Securities Act of 1933 relating to our debt securities described in the
prospectus.
If the information in this pricing supplement differs from the information contained in the
accompanying prospectus supplement or prospectus, you should rely on the information in this pricing
supplement. If a capitalized term is used in this pricing supplement and not defined, it is defined in the
accompanying prospectus or prospectus supplement and has the same meaning herein.

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You should rely only on the information provided in the disclosure document. We have not authorized
anyone else to provide you with different information. We are not making an offer of these securities in any
jurisdiction where the offer is not permitted.
The distribution of this disclosure document, and the offering of the Notes in certain jurisdictions may
be restricted by law. Persons into whose possession this disclosure document comes should inform
themselves about and observe any such restrictions. This disclosure document does not constitute, and may
not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or
solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do
so or to any person to whom it is unlawful to make such offer or solicitation. See "Underwriting".
This pricing supplement includes particulars provided in compliance with the rules governing
admission of securities to the official list of and to trading on the regulated market of the Luxembourg Stock
Exchange for the purpose of providing information on the CEB. The disclosure document does not
constitute a "prospectus" within the meaning of Chapter 2 of Part III of the Luxembourg law dated July 16,
2019 on Prospectuses for Securities (Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières
et portant mise en æuvre du règlement (UE) 2017/1129). The CEB accepts full responsibility for the
accuracy of the information contained in the disclosure document and confirms, having made all reasonable
inquiries, that to the best of its knowledge and belief there are no other facts the omission of which would
make any statement herein misleading in any material respect. The CEB has not authorized anyone to give
you any other information, and the CEB takes no responsibility for any other information that others may
give you. You should not assume that the information contained in this disclosure document is accurate as of
any date other than the date on the front of each document forming part of the disclosure document, or, with
respect to information incorporated by reference, as of the date of such information.
Inquiries regarding our listing status on the Luxembourg Stock Exchange should be directed to our
Luxembourg listing agent, Banque Internationale à Luxembourg SA, 69, route d'Esch, L-2953 Luxembourg.
This pricing supplement and the accompanying prospectus and prospectus supplement will be
published on the website of the Luxembourg Stock Exchange at http://www.bourse.lu.

References herein to "euro" or "" are to the single European currency adopted by certain participating
member countries of the European Union, as of January 1, 1999. References to "U.S. dollars" or "$" are to
United States dollars. References to "Canadian dollars," "C$" or "CAD" are to Canadian dollars.
References herein to "we" or "us" or similar expressions are to the CEB.

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WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by the Bank (Registration No. 333-240160), including
the attached exhibits and schedules, contains additional relevant information about the Notes. The rules and
regulations of the Securities and Exchange Commission (the "SEC") allow the Bank to omit certain
information included in the registration statement from this pricing supplement and the accompanying
prospectus and prospectus supplement. The registration statement, including its various exhibits, is available
to the public over the internet at the SEC's website: http://www.sec.gov.
The CEB files annual reports and other information with the SEC, which are available to the public
over the internet at http://www.sec.gov. The SEC allows the Bank to "incorporate by reference" the
documents that the Bank files with the SEC, which means that the CEB can disclose important information
to you by referring you to those documents. The information incorporated by reference is considered to be
part of this pricing supplement and the accompanying prospectus and prospectus supplement, and later
information that the CEB files with the SEC will automatically update and supersede this information, as
well as the information included in this pricing supplement and the accompanying prospectus and
prospectus supplement. We incorporate by reference the annual report on Form 18-K for the CEB for the
fiscal year ended December 31, 2020, as filed with the SEC on April 19, 2021 (File No. 333-164460) (the
"Annual Report") and any future periodic reports and amendments filed with the SEC under the United
States Securities Exchange Act of 1934, as amended, between the date of this pricing supplement and the
termination of the offering of the Notes. We also incorporate by reference Amendment No. 1 to the Annual
Report on Form 18-K/A, as filed with the SEC on October 13, 2021. The Bank's Form 18-K and
amendments on Form 18-K/A contain or will contain, among other information, its most recently published
annual report and financial statements, from time to time.
You can obtain any of the documents incorporated by reference in this document through us or from the
SEC as described above. Documents incorporated by reference are available without charge by requesting
them in writing or by telephone from the CEB at the following address and telephone number:
Council of Europe Development Bank
55, avenue Kléber
75116 Paris, France
+33 (0)1 47 55 55 00

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SUMMARY OF THE OFFERING
The following summary is qualified in its entirety by, and should be read in conjunction with, the more
detailed information appearing elsewhere in this pricing supplement and the accompanying prospectus
supplement and prospectus.
Issuer
Council of Europe Development Bank.
Securities Offered
C$300,000,000 principal amount of 1.000% Notes due October 21,
2024, divided into 300 thousand notes in the denomination of
C$ 1,000 each.
Issue Date
October 21, 2021.
Maturity Date
October 21, 2024.
Interest Payment Dates
April 21 and October 21 of each year, with interest accruing from
October 21, 2021 and the first interest payment being made on
April 21, 2022.
Interest Rate
1.000% per annum, from October 21, 2021. Interest shall be
calculated on the basis of a 360-day year consisting of twelve 30-
day months unadjusted except that, whenever it is necessary to
compute any amount of accrued interest for a period of less than one
full year, other than with respect to semi-annual interest payments,
such interest shall be calculated on the basis of the actual number of
days in the period and a year of 365 or 366 days, as the case may be
(known as "Actual/Actual Canadian Compound Method"), subject
to the Business Day Convention.
Currency of Payments on the
Notes
The CEB will pay the principal of and interest on the Notes in
Canadian dollars. However, noteholders will receive payments in
U.S. dollars, unless they elect to receive payments in Canadian
dollars as set forth below. If a noteholder does not make such
election, payments to such noteholder will be converted to U.S.
dollars by the Fiscal Agent. The U.S. dollar amount in respect of
any payment to be made to a noteholder who did not make a timely
election to receive payment in Canadian dollars will be based on the
Fiscal Agent's spot rate for the purchase of U.S. dollars with the
aggregate Canadian dollar amount payable to all noteholders
receiving U.S. dollar payments, for settlement on the applicable
payment date, at a time and date immediately preceding such
payment date. If such spot rate is not available, the Fiscal Agent
will obtain a bid quotation from a leading foreign exchange bank in
London or New York City selected by the Fiscal Agent for such
purchase. All costs of any such conversion into U.S. dollars will be
borne by the relevant noteholder by deduction from such payments.
If no spot rate or bid quotation is available, the Fiscal Agent shall
make payments in Canadian dollars to noteholders who were
expecting to receive U.S. dollars, provided that such payment will
only be made to such a noteholder if and when the Fiscal Agent has
been notified of the Canadian dollar account to which such payment
should be made.
A noteholder may elect to receive payment of the principal of, or
interest on, the Notes in Canadian dollars by notifying DTC by the
date that is 15 calendar days prior to each Interest Payment Date
(the "Record Date") of (i) its election to receive all or a portion of
such payment in Canadian dollars for value on the relevant due date
for interest payment or final redemption, as the case may be, and

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(ii) wire transfer instructions to an account denominated in
Canadian dollars with respect to any payment to be made in
Canadian dollars. Such election shall be made by the noteholder and
any such election in respect of that payment shall be irrevocable. An
indirect DTC participant must notify the registered holder through
which it is holding its interest in a Global Note of such election and
wire transfer instructions by the Record Date. DTC will notify the
Fiscal Agent of such election and wire transfer instructions and of
the amount of Canadian dollars to be converted into U.S. dollars,
prior to 5:00 p.m. (New York City time) on the fifth DTC business
day following the Record Date. If complete instructions are received
by the DTC participant and forwarded by the DTC participant to
DTC, and by DTC to the Fiscal Agent, on or prior to such dates, the
noteholder will receive payment in Canadian dollars outside DTC.
Otherwise, only U.S. dollar payments will be made by the Fiscal
Agent. Payments in Canadian dollars outside DTC will be made by
wire transfer of same day funds in accordance with the relevant wire
transfer instructions for value on the relevant payment date.
For information on exchange risks see "Foreign Exchange
Exposure" in this pricing supplement and "Currency Conversions
and Foreign Exchange Risks" in the accompanying prospectus.
Business Day Convention
Payments of principal or interest are subject to the Business Day
Convention as described with respect to New York and TARGET
business days in the accompanying prospectus supplement. In
addition, if an Interest Payment Date or the Maturity Date is a day
on which banking institutions are authorized or obligated by law to
close in Toronto, then payment of principal or interest need not be
made on such Interest Payment Date or Maturity Date, as
applicable. The CEB may make the required payment on the next
succeeding day that is not a day on which banking institutions are
authorized or obligated by law to close in Toronto. The payment
will be made with the same force and effect as if made on the
Interest Payment Date or Maturity Date and no additional interest
shall accrue for the period from the Interest Payment Date or
Maturity Date to the date of actual payment.
Redemption
The Notes are not subject to redemption prior to maturity.
Settlement Cycle
T+5.
Listing
The CEB has applied for the Notes to be admitted to the official list
of and to trading on the regulated market of the Luxembourg Stock
Exchange.
Form, Registration and
Settlement
The Notes will be represented by the Global Note registered in the
name of Cede & Co. as nominee for DTC. The Global Note will be
deposited with a custodian for DTC. Except as described in the
accompanying prospectus, beneficial interests in the Global Note
will be represented through accounts of financial institutions acting
on behalf of the beneficial owners as direct and indirect participants
in DTC. Investors may elect to hold interests in the Global Note
through DTC, if they are participants in DTC, or indirectly through
organizations that are participants in DTC including The Canadian
Depository for Securities Limited, also known as CDS.

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Owners of beneficial interests in the Global Note will not be entitled
to have Notes registered in their names and will not receive or be
entitled to receive physical delivery of definitive Notes. Purchasers
of the Notes must make payment in Canadian dollars. See "Global
Clearance and Settlement" in the accompanying prospectus.
Withholding Tax; No Additional
Amounts
The CEB has been advised that under current United States tax law
payments of principal of and interest on the Notes may generally be
made by the CEB without withholding or deduction for United
States withholding taxes, assuming that the requirements set forth
under "United States Taxation--United States Alien Holders" and
"United States Taxation--Backup Withholding and Information
Reporting" in the accompanying prospectus are satisfied. The CEB
will not pay additional amounts to holders of Notes who are
individuals in respect of any withholding tax. For further details, see
"United States Taxation" in the accompanying prospectus and
"Description of the Notes--No Payment of Additional Amounts"
in the accompanying prospectus supplement.
Fiscal Agent
Citibank, N.A., London Branch will be acting in its capacity as
Fiscal Agent through its office located at Citigroup Centre, Canada
Square, Canary Wharf, London E14 5LB, United Kingdom.
Notices
All notices will be published in a daily English language newspaper
of general circulation in New York (expected to be The Wall Street
Journal) and in Canada (expected to be the Globe and Mail),
provided that for so long as any Notes are represented by global
notes notices may be given by delivery of the relevant notice to
DTC by the CEB or the Fiscal Agent for communication by DTC to
its participants in substitution for publication in any such
newspaper. For additional considerations relating to notices, see
"Notices" in the accompanying prospectus supplement.

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FOREIGN EXCHANGE EXPOSURE
An investment in notes, which are denominated in, and provide for payments in, a currency other than
the currency of the country in which the purchaser is resident or the currency in which the purchaser
conducts its business or activities, entails significant risks that are not associated with a similar investment
in a security denominated in that other currency. For further information, see " Currency Conversions and
Foreign Exchange Risks"" in the accompanying prospectus.
The following table shows the average, high and low noon buying rates for Canadian dollars, expressed
in number of Canadian dollars per US$1.00 as published by the Federal Reserve Bank of New York, for the
periods and dates indicated. No representation is made that the Canadian dollar or U.S. dollar amounts
referred to herein could have been or could be converted into U.S. dollars or Canadian dollars, as the case
may be, at any particular rate.
Year Ended December 31,
Average(1) High
Low
2016
1.3229 1.4592 1.2544
2017
1.2963 1.3745 1.2131
2018
1.2999 1.3650 1.2280
2019
1.3232 1.3591 1.2962
2020
1.3408 1.4539 1.2715

(1) The average of the noon buying rates on the last business day of each month during the relevant period.
The following table shows the high and low noon buying rates for Canadian dollars per US$1.00 for
each month from April 2021 through October 2021 (through October 8, 2021). The noon buying rate for
Canadian dollars on October 8, 2021 was C$1.2477 = US$1.00.

High

Low

April 2021
1.2614 1.2291
May 2021
1.2320 1.2049
June 2021
1.2437 1.20310
July 2021
1.2752 1.2346
August 2021
1.2853 1.2487
September 2021
1.2818 1.2524
October 2021 (through October 8, 2021)
1.2657 1.2477
USE OF PROCEEDS
The net proceeds from the sale of the Notes offered hereby will be used in the general operations of the
CEB, including disbursements of loans heretofore or hereafter granted by the CEB. The Bank can make no
representation as to the particular projects for which, or borrowers to which, such loans will be made or as
to the Member States in which such projects will be located.
ADDITIONAL INFORMATION ON UNITED STATES TAXATION
The following supplements the discussion under the "United States Taxation" section of the
accompanying prospectus regarding the U.S. federal income tax treatment of the Notes, and should be read
in conjunction therewith.
Because the Notes are denominated in Canadian dollars, a United States holder (as defined in the
accompanying prospectus under the caption "United States Taxation") of the Notes will generally be subject
to special United States federal income tax rules governing foreign currency transactions. We believe that a
United States holder--even if the holder does not elect to receive payments in Canadian dollars--should
determine amounts received with respect to a Note (including principal and interest) by

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reference to the U.S. dollar value of the Canadian dollar amount of the payment, calculated at the currency
exchange rate in effect on the date of payment. The U.S. dollar amount that is actually received by the
United States holder may differ from the amount determined under the preceding sentence, since the U.S.
dollar amount of the payment will be determined by reference to a currency exchange rate determined at a
time and date immediately preceding the relevant payment date. Accordingly, a United States holder of the
Notes may recognize United States source foreign currency gain or loss in an amount equal to such
difference (in addition to any foreign currency gain or loss otherwise recognized upon the receipt of an
interest payment or a sale or retirement of the Notes). The U.S. Internal Revenue Service could take the
position, however, that the amounts received by a United States holder in respect of a Note should be equal
to the U.S. dollar amount that is actually received by the United States holder. Prospective United States
holders of the Notes should consult their tax advisors regarding these rules.
In addition, as discussed under "-- United States Holders--Book/Tax Conformity" in the
accompanying prospectus, United States holders that use an accrual method of accounting for tax purposes
("accrual method holders") generally are required to include certain amounts in income no later than the
time such amounts are reflected on certain financial statements (the "book/tax conformity rule"). However,
recently finalized regulations generally would exclude, among other items, original issue discount and
market discount (in either case, whether or not de minimis) from the applicability of the book/tax
conformity rule.

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UNDERWRITING
Purchase and Sale
The Bank intends to offer the Notes through CIBC Capital Markets (Europe) S.A., RBC Europe
Limited and TD Global Finance unlimited company as Underwriters. Subject to the terms and conditions of
the underwriting agreement with the CEB, dated October 14, 2021, the Underwriters have agreed to
purchase, and the CEB has agreed to sell to the Underwriters, C$300,000,000 in principal amount of Notes,
as indicated in the table below:
Principal Amount
Underwriter

of the Notes

CIBC Capital Markets (Europe) S.A.
C$100,000,000
RBC Europe Limited
C$100,000,000
TD Global Finance unlimited company
C$100,000,000
Total
C$300,000,000
The underwriting agreement provides that the Underwriters are obligated to purchase all of the Notes if
any are purchased.
The Underwriters propose to offer the Notes initially at the offering price on the cover page of this
prospectus supplement.
The Underwriters may offer such Notes to selected dealers at the public offering price minus a selling
concession of up to 0.022% of the principal amount of the Notes. After the initial offering, the Underwriters
may change the public offering price and other selling terms.
The CEB has agreed to indemnify the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, or to contribute to payments the Underwriters may be required to make in
respect of those liabilities.
The total expenses of the offering to the CEB, excluding underwriting discounts and commissions, are
estimated to amount to approximately $116,000.
The Notes are a new issue of securities with no established trading market. The CEB has been advised
by the Underwriters that they presently intend to make a market in the Notes after completion of the
offering. However, they are under no obligation to do so and may discontinue any market-making activities
at any time without any notice. No assurance can be given with respect to the liquidity of the trading market
for the Notes or that an active public market for the Notes will develop. If an active public trading market
for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.
In connection with this offering, the Underwriters may, subject to applicable laws and regulations,
purchase and sell the Notes in the open market. These transactions may include short sales, stabilizing
transactions and purchases to cover positions created by short sales. Short sales involve the sale by the
Underwriters of a greater number of Notes than they are required to purchase in this offering. Stabilizing
transactions consist of certain bids or purchases made for the purpose of preventing or retarding a decline in
the market price of the Notes while the offering is in progress.
These activities by the Underwriters may stabilize, maintain or otherwise affect the market price of the
Notes. As a result, the price of the Notes may be higher than the price that otherwise might exist in the open
market. If these activities are commenced, they may be discontinued by the Underwriters at any time.
Offers and sales in the United States are expected to be made through affiliates of the Underwriters that
are registered as broker-dealers, acting as U.S. selling agents.
Other relationships
The Underwriters and their affiliates from time to time may have provided certain investment banking,
commercial banking and financial advisory services to the Bank, for which they have received customary

PS-9