Gide Loyrette Nouel and Clifford Chance have advised on the syndicated issuance of €1 billion ($1.1 billion) in bonds by the Council of Europe Development Bank to help European countries respond to the COVID-19 pandemic, Gide said in a statement.

The COVID-19 Response Social Inclusion Bonds carry an interest rate of 0% and are due in 2027. They were issued within the development bank's Social Inclusion Bond framework, which supports new or existing social projects in 41 member countries in Europe.

The framework is being adapted so that financing from the COVID-19 bonds can be extended to the health sector, where countries have increased needs because of the pandemic, the bank said in a statement.