CADES launches a US$1 billion eurodollar issue with a 5-year maturity

PRESS RELEASE

The Caisse d’Amortissement de la Dette Sociale (CADES) yesterday priced a new Eurodollar benchmark issue in the 5-year sector. The issue size reached US$ 1 billion. This is the first USD benchmark issue from CADES this year.

Execution highlights
The issue has a final maturity of 2 March 2015, pays an annual coupon of 2.875% and has a reoffer price of 99.854% giving a spread of +10 bps over mid-swaps and a spread of 44.4 bps over the Treasury January 2015 2.25%.
Lead Managers for the transaction were Bank of America Merrill Lynch, Daiwa and JP Morgan.

A diversified distribution
Participation was very balanced for a Euro dollar format, with all geographical areas well represented: 36% for Asia, 31% for Europe, 24% for Americas and 9% for Middle East and Africa in line with CADES strategy to diversify geographic distribution of its bonds.
The transaction saw strong demand from Banks (44%), Central banks (42%) Retail, Asset Managers, and Pension Fund (14%).
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
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CADES
15, rue Marsollier - 75002 PARIS
Tel : 01 55 78 58 00

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76-78 rue Saint Lazare – 75009 PARIS
Tel : 01 56 88 11 28

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