Message from the Chairman of the Board

Jean-Louis Rey


CADES closed a new benchmark bond in euros


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Newsletter #45


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

While the health context linked to the Covid-19 epidemic continues to weigh heavily on social security finances, CADES is paramount in the amortisation of social debt in France. 

In 2021, our financing and amortisation mechanisms have once again demonstrated their effectiveness by enabling the assumption of 40 billion euros of additional social debt. 

On the strength of this proven efficiency and the confidence that investors have placed in us, we remain strongly committed to pursuing the mission entrusted to us by French Parliament to absorb these social deficits and ensure the long-term viability of our welfare system.

Jean-Louis Rey
Chairman of the Board

CADES   -   139 rue de Bercy   -   75012 PARIS