CADES launches with success a US$ 1.25 billion eurodollar issue with a 5-year maturity

PRESS RELEASE

The Caisse d’Amortissement de la Dette Sociale (CADES) today priced a new Eurodollar benchmark issue in the 5-year sector. The issue size reached US$ 1.25 billion. This is the fifth US$ benchmark issue from CADES this year.

Execution highlights
The issue has a final maturity of 22 October 2014, pays an annual coupon of 2.875% and has an reoffer price of 99.963% to give a spread of +15bps over mid-swaps.
The quality and strength of demand from investors allowed CADES to price a USD 1.25 billion benchmark. Lead Managers for the transaction were BNP Paribas, Goldman Sachs International and HSBC.

A diversified distribution
Participation was very balanced for a Euro dollar format, with all geographical areas well represented: 47% for Europe, 30% for Asia, 16% for Middle East and 7% in Americas in line with CADES strategy to diversify geographic distribution of its bonds.

The transaction saw strong demand from Banks (45%), Central Banks (41%), Fund Managers (10%) and others investors (insurance and bank retail) (4%).

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 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
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

PDF