Message from the Chairman of the Board

Welcome to the Caisse d’Amortissement de la Dette Sociale (CADES) website.
In 2024, international financial markets confirmed their strong interest in CADES bonds, recognized for their high quality and significant social impact. During the year, we completed five issuances in euros and dollars with maturities of 3 to 5 years, amounting €18.1 billion. Among them, three social bond issuances attracted strong support from ESG investors, further strengthening CADES’ position as a leading issuer in the social bond market.
2024 also marked a significant milestone with the completion of the €136 billion debt transfer provided for under the Ordinary Law of August 7, 2020 with a final €8.8 billion transfer of social debt. CADES has now amortized €258 billion out of the €396 billion transferred since its inception in 1996, representing two-thirds of the social debt entrusted to it.
In 2025, thanks to the continued trust of our investors and the commitment of our teams, CADES will carry on its mission with a medium- and long-term issuance program in euros and dollars, targeting up to €10 billion.
Chairman of the Board