Obbligazione European Development Council Bank 0.25% ( US222213AW05 ) in USD

Emittente European Development Council Bank
Prezzo di mercato 100 USD  ▲ 
Paese  Francia
Codice isin  US222213AW05 ( in USD )
Tasso d'interesse 0.25% per anno ( pagato 2 volte l'anno)
Scadenza 20/10/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Council of Europe Development Bank US222213AW05 in USD 0.25%, scaduta


Importo minimo 1 000 USD
Importo totale 1 000 000 000 USD
Cusip 222213AW0
Descrizione dettagliata La Banca di Sviluppo del Consiglio d'Europa (CEB) è un'istituzione finanziaria internazionale che finanzia progetti di sviluppo in Europa e nei paesi limitrofi, focalizzandosi su infrastrutture, ambiente ed energia sostenibile.

The Obbligazione issued by European Development Council Bank ( France ) , in USD, with the ISIN code US222213AW05, pays a coupon of 0.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 20/10/2023







PRICING SUPPLEMENT
(To prospectus supplement dated May 3, 2011
and prospectus dated May 25, 2010)
COUNCIL OF EUROPE
DEVELOPMENT BANK
$1,000,000,000
0.250% Notes due October 20, 2023
The Council of Europe Development Bank (the "Bank" or "CEB") will pay interest on the 0.250% Notes
due October 20, 2023 (the "Notes") on April 20 and October 20 of each year. Interest will accrue on the Notes
from and including October 21, 2020 and the first interest payment date will be April 20, 2021. The CEB may
not redeem the Notes prior to their maturity. There is no sinking fund for the Notes.
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: 99.875% AND ACCRUED INTEREST, IF ANY
Underwriting
Price to
Discounts
Proceeds to
Public (1)
and Commissions (2)
CEB (3)
Per Note . . . . . . . . . . . . . . . . . . . . . . .
99.875%
0.100%
99.775%
Total . . . . . . . . . . . . . . . . . . . . . . . . . .
$998,750,000
$1,000,000
$997,750,000
(1) Plus accrued interest, if any, from October 21, 2020, 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, 2020.
BofA Securities
Crédit Agricole CIB
Morgan Stanley
RBC Capital Markets
Pricing Supplement dated October 14, 2020


TABLE OF CONTENTS
Page
Pricing Supplement
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-3
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-4
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
ADDITIONAL INFORMATION ON UNITED STATES TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
VALIDITY OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-9
EXPERTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-10
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Prospectus Supplement
INFORMATION RELATING TO THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-3
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
Prospectus
ABOUT THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
THE COUNCIL OF EUROPE DEVELOPMENT BANK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
DEBT RECORD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
DESCRIPTION OF SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Ranking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Negative Pledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Default, Acceleration of Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Repurchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Governing Law, Jurisdiction and Consent to Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
GLOBAL CLEARANCE AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
CURRENCY CONVERSIONS AND FOREIGN EXCHANGE RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Currency Conversions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Non-U.S. Dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Foreign Exchange Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
UNITED STATES TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
AUTHORIZED REPRESENTATIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
EXPERTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
ENFORCEMENT OF CIVIL LIABILITIES AGAINST CEB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
This pricing supplement should be read together with the accompanying prospectus supplement dated
May 3, 2011 setting forth information relating to the Notes, the accompanying prospectus dated May 25, 2010,
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
PS-1


information concerning the CEB and the Notes offered hereby may be found in the registration statement
(Registration No. 333-166746) 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.
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 constitutes an "alleviated voluntary
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 mobilie`res et portant
mise en æuvre du re`glement (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 herein to "we" or "us" or similar expressions are to the CEB.
PS-2


WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by the Bank (Registration No. 333-166746), 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, 2019, as filed with
the SEC on April 7, 2020 (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 June 3, 2020 and
Amendment No. 2 to the Annual Report on Form 18-K/A, as filed with the SEC on October 13, 2020. 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
PS-3


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
$1,000,000,000 principal amount of 0.250% Notes due
October 20, 2023.
Issue Date
October 21, 2020.
Maturity Date
October 20, 2023.
Interest Payment Dates
April 20 and October 20 of each year, with interest accruing
from October 21, 2020 and the first interest payment being
made on April 20, 2021 (short first coupon).
Interest Rate
0.250% per annum, from October 21, 2020. Interest will be
calculated on the basis of a 360-day year consisting of
twelve 30-day months, subject to the Business Day
Convention as described in the accompanying prospectus
supplement.
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. 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. Initial settlement for the Notes will be made in
immediately available funds in U.S. dollars. See "Global
Clearance and Settlement" in the accompanying prospectus.
PS-4


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.
PS-5


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 prospectus
regarding the U.S. federal income tax treatment of the Notes, and is subject to the limitations and exceptions set
forth therein.
Certain provisions of U.S. law ("FATCA") impose a 30% withholding tax on certain payments to
non-United States financial institutions and other entities that fail to comply with information reporting
requirements or certification requirements in respect of their direct and indirect United States shareholders and/or
United States accountholders. The United States and France have signed an intergovernmental agreement (the
"IGA") to implement FATCA. The CEB believes that it is treated as a "Non-Reporting French Financial
Institution" and an "exempt beneficial owner" under the IGA. Accordingly, the CEB does not expect to withhold
FATCA tax from any payment it will make on the Notes.
The final sentence of the second paragraph of "--Payments of Interest" under the "United States Taxation"
section of the prospectus should be updated to read as follows: "Under the foreign tax credit rules, interest and
original issue discount will generally be "passive" income for purposes of computing the foreign tax credit."
PS-6


UNDERWRITING
The Bank intends to offer the Notes through BofA Securities Europe SA, Crédit Agricole Corporate and
Investment Bank, Morgan Stanley & Co. International plc and RBC Capital Markets, LLC as Underwriters.
Subject to the terms and conditions of the underwriting agreement with the CEB, dated October 14, 2020, the
Underwriters have agreed to purchase, and the CEB has agreed to sell to the Underwriters, $1,000,000,000 in
principal amount of Notes, as indicated in the table below:
Principal Amount
Underwriter
of the Notes
BofA Securities Europe SA . . . . . . . . . . . . . . . . . . . . .
$ 250,000,000
Crédit Agricole Corporate and Investment Bank . . . . .
$ 250,000,000
Morgan Stanley & Co. International plc . . . . . . . . . . .
$ 250,000,000
RBC Capital Markets, LLC . . . . . . . . . . . . . . . . . . . . .
$ 250,000,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,000,000,000
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 0.100% 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 $100,000.
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.
PS-7


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 fees,
commissions and other payments, and they may provide such services to us in the future, for which they would
receive customary fees, commissions and other payments.
Notice by the Underwriters to distributors regarding MiFID II product governance
The Underwriters acting in their capacity as manufacturers of the Notes in the meaning of
Directive 2014/65/EU and implementing legislation (as amended, "MiFID II") hereby inform prospective
distributors for the purpose of the product governance rules under MiFID II that the target market assessment
made by the Underwriters in respect of the Notes in accordance with the product governance rules under
MiFID II has led the Underwriters to the conclusion that: (i) the target market for the Notes is eligible
counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all channels for
distribution of the Notes are appropriate. Any distributor should take into consideration the Underwriters' target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target
market assessment in respect of the Notes (by either adopting or refining the Underwriters' target market
assessment), determining appropriate distribution channels and performing the suitability and appropriateness
assessment with respect to each client. The Issuer does not fall under the scope of application of MiFID II and, in
particular, does not qualify as a manufacturer or distributor for the purposes of MiFID II.
PS-8


VALIDITY OF THE NOTES
The validity of the Notes will be passed upon on behalf of the CEB by Sullivan & Cromwell LLP, Paris,
France, and for the Underwriters by Cleary Gottlieb Steen & Hamilton LLP, Paris, France. Sullivan & Cromwell
LLP and counsel to the Underwriters may rely as to certain matters on the opinion of the CEB's General
Counsel.
PS-9