CADES successfully prices its first Sterling benchmark since 2005.

PRESS RELEASE

The Caisse d’Amortissement de la Dette Sociale (CADES) today launched a long 5 year Sterling benchmark issue. The deal size reached GBP 200 million and constitutes the first GBP benchmark issue from CADES since 2005.

Execution highlights

The issue has a final maturity of 8 September 2014, pays an annual coupon of 3.75% and has an issue price of 99.682% to give a spread of +95 basis points over the 5% UK Gilt due September 2014.

The quality and strength of demand from investors allowed CADES to price a GBP200 million benchmark. The order book opened at mid-day on Wednesday 10 June and closed for investors at 3 pm London time the same day.

Lead Managers for the transaction were RBC Capital Markets and RBS with no further group.

Diversified distribution

Over 40 investors were involved in the transaction with, as expected, large participation from UK investors accounting for 49% of the orders. Americas (26%) and Europe (22%) were also very well represented, which also included orders from Asia (3%).

The transaction saw strong demand from a broad spectrum of investor types with Asset Managers (38%), Insurance (23%), Central Banks/Official Institutions (22%) and Banks (17%) being equally involved in the deal.

The broad participation of a geographically diverse range of investors for this transaction confirms CADES’ position as a leading sovereign agency amongst the international investor base.

CADES: A BENCHMARK ISSUER IN THE FINANCIAL MARKETS

Created in 1996, CADES is an administrative public agency placed directly under the joint authority of the French State.

It has been awarded the highest ratings by the principal international rating agencies (AAA/A1+, Aaa/P1, AAA/F1+), and a 0% Basel ratio weighting, which makes CADES one of the five largest non-government issuers in Europe .

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