CADES USD 1bn Eurodollar due July 2013.

PRESS RELEASE

Caisse d’Amortissement de la Dette Sociale ( CADES ), (Aaa/AAA/AAA) successfully launched and priced a US$1 billion Eurobond benchmark due 15 july 2013 .

In the absence of any particular economic number, CADES decided to issue the first $ benchmark deal of the last 10 days to take advantage of the improving $ euro currency basis. After a quick investor softsounding in line with secondary comparable issues like the existing Cades curve and KfW outstanding on the run issues, the issuer and the banks decided to launch the transaction. The very strong momentum in the order book enabled the transaction to be priced after only a day of bookbuilding.

3.25%, due july 15, 2013 priced at 99.833% with a yield of 3.261 % offering a spread of 76.25bps above 5year Treasuries, this corresponds to mid-swap minus 14bp.

CADES mandated CITI, HSBC and JP MORGAN to lead manage this new issue.

Distribution Stats :

By Region :	By Investor Type :
73% Asia	74% Central Banks
17% Middle East	14% Banks
8% Europe	12% Fund managers
2% USA

CADES: A BENCHMARK ISSUER IN THE FINANCIAL MARKETS

Created in 1996, CADES is an administrative public agency placed directly under the joint authority of the French Economic and Finance and Social Security Ministries

Its mission is to pay down the debt accumulated by the general Social Security system between 1994 and 2006, a total of 107.7 billion euros, via a balanced financial structure and drawing primarily on a dedicated and exclusive resource (the CRDS tax).

A quasi-sovereign issuer, CADES enjoys benchmark status in the international capital markets. It has been awarded the highest ratings by the principal international rating agencies (AAA/A1+, Aaa/P1, AAA/F1+), and a 0% Basel ratio weighting, which makes CADES one of the five largest non-government issuers in Europe .

CADES
LIGHTEN THE DEBT – BRIGHTEN THE FUTURE