PRESS RELEASE

 CADES has issued a very successful new Euro benchmark issue maturing 25 October 2021 . This transaction is CADES second benchmark in Euros in 2006.

The pricing at spread of mid swaps –5 bp, equated to a re-offer spread of OAT 3.75 % due April 2021 +18.8 bp (equivalent to around 17.5 bp over the interpolated government curve). Facial rate is 4.375 % and re-offer yield at launch was 4.419 %.
The very strong momentum in the order book enabled the transaction to be priced after only a day and a half of bookbuilding and at the tight end of the guidance.

CADES mandated BNP Paribas, Barclays Capital, Citigroup and Crédit Suisse to lead manage this new issue with a co-lead group of 6 banks.

In line with the CADES’ strategy of diversification, 29 % of the bonds were placed in France . 26 % in Germany, 17 % in UK, 15 % in Scandinavia, 6 % in Ireland, 4 % in the Benelux countries, 1 % North America and 2 % in the rest of Europe.

Banks distribution accounted for 39 % of the book, fund managers, insurance companies, central banks and hedge funds, took 22 %, 15 %, 15 % and 9 % respectively. The order book was very diversified with a large number of high quality orders and showed a very good balance between insurance companies and fund managers, central banks, banks and relative value players.

CADES expects a funding volume of €27 bn of short and long term issuance in 2006 and has already issued Euro 9,15 billion of long term debt since January .