CADES launches with success a french inflation-linked bond with a 12-year maturity

Not for distribution, directly or indirectly in the United States or to US persons

PRESS RELEASE

– CADESalready issued €10.8 billion mid- and long-term debt
on international capital markets since January 1st, 2012 –

CADES(Caisse d’Amortissement de la Dette Sociale) priced yesterday a benchmark issue in the 12-year sector. The issue size reached €400 million. This is a new French inflation-linked bond after the 2021 maturity bond issued in 2011, which reached, after a few taps, the size of €3.255 billion.

Lead manager for the transaction was NATIXIS.

The transaction was executed in one day with a spread of 37 basis points over the OATi (between OATi 2023 and OATi 2029).The issue has a final maturity of 25th July 2024, pays an annual coupon of 1.5% and has a reoffer price of 99.435% and a re-offer yield of 1.55%.

The placement saw an exclusive demand from French investors which contributed for 100% of the operation. The bond was mainly subscribed by fund managers.

With this transaction, CADESconfirms its position on the French inflation-linked market and pursues its funding programme for 2012.

In 2012, CADEShas raised so far €10.8 billion of mid and long-term bonds on capital markets.

CADES

LIGHTEN THE DEBT – BRIGHTEN THE FUTURE

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

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia). These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Notes referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the Notes are registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.