CADES taps up its bond due in april 2016

PRESS RELEASE

July 7, 2009- CADES (Caisse d’Amortissement de la Dette Sociale) launched on Monday 6 July 2009 a tap of its bond due in April 2016.

Joint-bookrunners for this tap were Barclays Capital and BNP Paribas. This tap of €1.5 billion is bringing the outstanding of the CADES 3.625% 25 April 2016 to € 4.5 billion.

This new tranche of issue of €1.5 billion, executed with a spread of 35 bps has a reoffer price of 100.65% to give a real yield of 3.514% to the investors.

The placement was distributed in the UK for 43%, In Europe for 35% and in Asia for 22%.

The transaction saw strong demand from a broad spectrum of investor types with Banks (53%), Central Banks (26%), Insurance (12%), Asset Managers (8%), and Pension Funds (1%).

This tap in Euro, closed in less than 24 hours between announcement and execution and characterized with high quality distribution, 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 the administrative public agency, placed directly under the French authority of the French State, in charge of managing and amortizing the French social debt.

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

CADES
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Tel : 01 55 78 58 00

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