PRESS RELEASE

At the end of 2008 Social Security Finance Law (SSFL) voted to extend the CADES’ (Caisse d’Amortissement de la Dette Sociale ) mandate with the transfer of €27bn additional debt to be amortised. With this debt added, the 2009 funding programme amounted to €33.1bn.

CADES, Caisse d’Amortissement de la Dette Sociale , has already achieved a significant part of its 2009 funding programme despite unstable market conditions and the financial crisis. At 31 March 2009 , the end of the first quarter, it has issued €8.5bn of mid- and long-term bonds through a large range of financial instruments and maturities as follows:

• €4.75bn of bonds denominated in euros with maturities from 3 to 12 years, of which €0.9bn of bonds are linked to French inflation;

• SWF550m (€360m) with maturities from 3 to 12 years;

• ¥71bn (€550m) with maturities from 5 to 7 years;

• US$3,7bn (€2,75bn) with a 2-year maturity.

Furthermore, CADES, highly active in the short-term market, has issued €28.7bn in Treasury bonds and commercial paper since 1 January 2009 . It has also been granted and signed a facility of €10bn with nine banks.

The high level of issues during the period under review puts CADES as one of the top-ranked issuers in the world. The broad spectrum of financial instruments offered accords CADES high recognition within the financial markets, and provides it with a growing investor base able to benefit from the best financial tools to meet the market’s expectations.

Since the beginning of 2009, CADES has amortised €37.5bn of the €134.5bn assumed debt.  

CADES
LIGHTEN THE DEBT – BRIGHTEN THE FUTURE

CADES
15, rue Marsollier - 75002 PARIS
Tel : 01 55 78 58 00

ACTIFIN
76-78 rue Saint Lazare – 75009 PARIS
Tel : 01 56 88 11 28