Cades launches with success a USD 1.0 Billion eurodollar issue with a 3-year maturity

PRESS RELEASE

The Caisse d’Amortissement de la Dette Sociale (CADES) launched yesterday a new Eurodollar benchmark issue of US$1.0 billion due July 2012. The issue was successfully subscribed by investors.

Execution highlights

CADES priced on 29 June 2009 a USD 1 billion issue, maturing 6 July 2012, at a re-offer price of 99.814%. Coupon pays 2.25% and re-offer yield at launch was 2.315% to give a spread of mid-swaps of 20 bps.

The very strong momentum in the order book enabled the transaction to be priced after only a day of bookbuilding and at the tight end of the guidance.

Joint Lead Managers for the transaction were BNP Paribas, Crédit Suisse and HSBC.

A diversified distribution

Participation was very balanced for a Eurodollar format, with all geographical areas well represented: 41% for Asia, 28% for the Americas, 10% for Middle East, 10% for UK and 11% for the rest of Europe, in line with CADES strategy to diversify geographic distribution of its bonds.

The transaction saw strong demand from Banks Treasuries (51%), Central Banks (37%), Fund Managers (11%) and Insurance (1%).

This new Eurodollar transaction, closed in less than 24 hours between announcement and execution and characterized with high quality distribution, underlines 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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