This explains why market financing have priority over other sources of funds. CADES' good debt issues rating allows it to raise funds on capital markets at the most attractive interest rates.
CADES uses a very wide range of financial instruments, including commercial paper, Euro and US commercial paper, syndicated loans, bond issues, MTN programmes, etc. The great variety of products, maturities and currencies used maximises the flexibility of CADES' issues.
This flexibility enables CADES to adapt it self to investors' requirements and to avoid causing any disturbance on the markets.
Furthermore, the government decree dated January, 24th 1996 pertaining to CADES authorizes it to enter into futures and foreign exchange transactions, to sign swap or options contracts, and to make use of agreements to repurchase government securities or its own issues as part of a strategy for hedging against foreign exchange or interest rate risks.
CADES aims to make benchmark issues featuring the same degree of liquidity as that of top rated issues.