Message from the Chairman of the Board

Welcome to the Caisse d’Amortissement de la Dette Sociale (CADES) website.

The year 2026 marks a major milestone for CADES: the maturity of a model that, for 30 years, has proven its robustness and relevance in serving national solidarity.

Once again this year, CADES has confirmed its attractiveness on the international financial markets. Investor confidence in our high-quality securities remains strong.

The execution of our financing programme for 2026 perfectly illustrates this responsiveness. In the first month of the year, we have already completed more than 50% of our annual programme, raising €7.1 billion of the €15 billion planned. This demonstrates the strength of our credit rating and our ability to raise diversified capital on optimal terms.

Since its creation, CADES has taken on €396 billion in social security debt. Today, the results speak for themselves: we have completed the amortisation of all debts prior to 2020, amounting to €274.7 billion. This represents nearly two-thirds of the debt taken on since the beginning. At the same time, the repayment of debts related to the 2020 law is now fully underway. CADES will be able to absorb the new €15 billion debt in accordance with the organic law setting the limit for the extinction of social security debt carried by CADES on 31 December 2033.

This means that social security debts do not accumulate and are repaid quickly, within 8 to 12 years.

Thanks to the expertise of our teams and the loyalty of our financial partners, we remain more committed than ever to ensuring the financial stability of our social security system and the sustainability of our protection model.