Did the switchover to the euro have an impact on CADES?  

The only French issuer authorized to convert its domestic debt into euros in accordance with the procedures and timetable established by the French Treasury, CADES converted a substantial portion (16 billion euros) of its debt on January 4, 1999. Today, around two-thirds of its outstanding debt is denominated in euros, making CADES a key player in this market.

The switchover to the euro is not expected to have a significant impact on the interest rates applicable to the financing of the social security debt. Prevailing interest rates within the eurozone are aligned with those of the member countries offering the best rates - in this case France and Germany.

Since then, CADES has benefited from growth in the euro money and bond markets, and has gained access to a much broader base of investors.