CADES launches with success a US$ 1.0 billion eurodollar issue with a 3-year maturity

PRESS RELEASE

The Caisse d’Amortissement de la Dette Sociale (CADES) yesterday priced a new Eurodollar benchmark issue of US$1.0 billion in the 3-year sector. This is the sixth USD benchmark CADES issued this year.

Execution highlights
The issue has a final maturity of 27 November 2012, pays an annual coupon of 1.625% and has an reoffer price of 99.878% to give a spread of +2 bps over mid-swaps.
The order book built quickly on the back of strong lead order interest and good further demand from central banks globally . Lead Managers for the transaction were Credit Suisse, Goldman Sachs, and Royal Bank of Canada.

A diversified distribution
Participation was very balanced for a Euro dollar format, with all geographical areas well represented: 36% for Europe, 29% for Americas, 21% for Middle East and 14% for Asia in line with CADES strategy to diversify geographic distribution of its bonds.
The transaction saw strong demand from Central Banks (68%) and Asset Managers and Banks (32%).
This new Eurodollar transaction, 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

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