CADES launches with a US$2 billion eurodollar issue with a 3-year maturity

PRESS RELEASE

The 21 July 2010, the Caisse d’Amortissement de la Dette Sociale (CADES) priced a new US Eurodollar issue in the 3-year sector. The issue size reached US$ 2 billion. This is the second USD benchmark issue from CADES this year.

Execution higlights

Lead managers for the transactions were JP Morgan, RBC CM and UBS.
The issue has a final maturity of 29 July 2013, pays an annual coupon of 1.375% and has an reoffer price of 99.826%.

The book grew steadily, and exceeded US$1 billion three hours after its opening. At closing, the book size reached almost $2.2bn and therefore a $2bn transaction was priced given the high quality of investors.

Distribution : strong demand from Europe and Middle-East

Participation has been realized in Europe for 50%, Asia (24%), Middle-East / Africa (20%), and Americas (6%).
This new Eurodollar transaction was mainly subscribed by Central Banks (54%), banks (and retail banks) for 35%, Fund Managers (9%) and others (2%).

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

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

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