What guarantees of solvency and liquidity does CADES offer?  

Debt instruments issued by CADES are redeemed using the agency's own resources. These debt issues (debt servicing and amortization) have priority ranking over the annual 3 billion euro payment that CADES makes to the French government.

In addition, due to the relationship between CADES and the French government, the liquidity risk on CADES issues can be considered as nil. Under the terms of the Act of January 16, 1980, the French State is the ultimate guarantor of the solvency of CADES. A short-term advance, paid out of a special account with the French Government Treasury, is available to cover any cash needs that CADES, a domestic public agency, might have at any particular time.