Cades taps up its bond due in october 2019 ans louches a US$ 1 billion eurodollar issue with a 5- year maturity

PRESS RELEASE

CADES (Caisse d’Amortissement de la Dette Sociale), internationally recognized as one of the top-rank issuer by the financial markets, pursues with great success its funding programme engaged since the beginning of the year and issues two new bonds in Euros and in Dollars.

Increase of its Eurobond due in October 2019

CADES launched on Tuesday 23, 2009 a tap of its 4% 25 October 2019 bond.

Joint-bookrunners for this tap were Natixis and Société Générale. Total volume outstanding for the 4% 25 October 2019 bond, after €1.1 billion increases carried out last March, is now € 5 billion.

This new tranche of issue of €900 million, executed with a spread of 53bps has a reoffer price of 97.447% to give a real yield of 4.31% to the investors.

The placement is mainly concentrated with European fund managers for 45%, banks and central banks for 34% and insurance for 21% ; 64% was placed in France, 20% in Germany and 16% in the rest of Europe.

A new Eurodollar issue with a 5-year maturity

Today, CADES also priced a new Eurodollar benchmark issue with a 5-year maturity. The issue size reached US$ 1 billion. This is the first 5-year maturity issue of SSA (Supra Sovereign Agencies), launched this year.

The issue, with a final maturity of 1 July 2014, pays an annual coupon of 3.50 % and has an issue price of 99.80% to give a spread of +82.75 bps over the US Treasury due May 2014. The issue was priced at mid-swaps +40 bps, in line with initial price guidance.

Lead Managers for the transaction were Barclays Capital, Goldman Sachs Group Inc. and JP Morgan. Subscription was well balanced for a Eurodollar format, with all geographical areas well represented: 40% for UK, 18% for Middle East, 7% for Europe, 16% for Middle East, 8% for Asia, 11% for Japan, 13% for Americas and 3% for Switzerland.

The transaction was characterised with strong demand from Central Banks (49%), Banks (25%), Asset Managers (24%) and Insurance and bank retail (2%).

The strength of CADES and reaffirmed ongoing support from international investors

This new Eurodollar transaction and this tap in Euro closed in less than 24 hours between announcement and execution and characterized with high quality distribution, especially from central banks, underline the strength of the CADES franchise and ongoing support from the international investor community.

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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