Message from the Chairman of the Board

Jean-Louis Rey


2023 Half-Year Results


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Newsletter #46


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

In 2022, CADES’ social bonds continued to attract strong interest from international markets looking for quality assets with a high social impact. Over the year, we completed 12 issues for a total of €38.1 billion. With 9 social issues in social format in euros and dollars, with maturities ranging from 3 to 10 years, CADES has become 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 €40 billion of additional social debt. Since its creation, CADES has amortised €224 billion, i.e. almost two-thirds of the social debt assumed in 26 years.

Thanks to investors’ confidence and the expertise of our teams, CADES remains mobilised to pursue its mission, entrusted by the Parliament, by implementing a €30 billion programme, including €25 billion of medium and long term debt.


Jean-Louis Rey
Chairman of the Board

CADES   -   139 rue de Bercy   -   75012 PARIS