CADES' excellent creditworthiness on the international markets has enabled it to continue efforts to diversify its investor base and further to consolidate its debt structure.

Consult the amortisation schedule at

The redenomination into euros of CADES' domestic debt in French francs

Looking, as always, to adapt to the changing markets and investor demands, CADES decided to redenominate a part of its debt into euros as of 1999.

On December, 8th 1997, CADES announced that a part of its debt in FRF would be redenominated into euros on January, 4th 1999, in accordance with the French Treasury's procedures and timetable. This decision is in line with the French State policy to redenominate the public debt into euros.

Redenomination of the debt into euros

By January, 4th 1999, two-thirds of CADES' bond debt was denominated in euros (16 billion euros or FRF 105 billion): see press release December, 29th 1998.