With a favourable interest rates evolution since 1996, and stable interest rates since 1997, CADES has won an excellent response from the markets, as shown by the following :

• The extent of the demand for financial instruments issued : the bond issued by auction (the first one by a non-government issuer in France since 1989) was four times oversubscribed, the June 1996 syndicated loan issue was twice oversubscribed and the syndicated loan issued on October, 14th 1997 was 2.5 times oversubscribed.
• The inflation-linked bond issue launched by CADES in March 1999 was twice oversubscribed.
• The size and the stability of premiums over benchmark government bond issues : the narrowness of the spreads of CADES' issues reflects the best performance currently obtained by a public issue.
• A very good response from international investors, who hold 39% of the CADES' debt in March 2000.