Message from the Chairman of the Board

Jean-Louis Rey


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Newsletter #47


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

The past year has once again demonstrated the strong interest shown by international financial markets in CADES' social bonds, which are recognised for their quality and strong social impact. In 2023, we completed 6 issues for a total amount of 22.2 billion euros. Thanks to issues in social format, in euros and dollars, with maturities ranging from 3 to 8 years, and to the interest of ESG investors, CADES remained the world's leading issuer of social bonds.

During the past year, our financing and amortisation mechanisms have once again demonstrated their effectiveness by enabling the assumption of €27.2 billion of additional social debt. Since its creation, CADES has amortised €242.6 billion, i.e. almost two-thirds of the social debt since its inception in 1996.

Thanks to investors’ confidence and the expertise of our teams, CADES will continue to carry out its mission in 2024 by implementing a programme of medium and long-term issues in euros and dollars of up to €20 billion.

This year, CADES will also carry out a final €8.8 billion social security debt assumption to complete the financing of the €136 billion social security debt assumption provided for by the ordinary law of 7 August 2020.


Jean-Louis Rey
Chairman of the Board

CADES   -   139 rue de Bercy   -   75012 PARIS