Commentary & Deal Flow

Caisse d'Amortissement de la Dette Sociale, (CADES), exp AA/A+/A+/AA- (s/s/s/n) by DBRS/S&P/Fiitch/Scope), US$3.5bn 144A/Reg S (3c7) 7y FXD sr unsec SOCIAL notes due 3/3/33. Barc/BNP/DB/GS joint books. First Pay: 9/3/26. Denoms: US$200k x US$1k. List Euronext-Paris. English Law. UOP: An amount equal to the proceeds from the issue of the notes will be exclusively used by CADES to finance and/or refinance eligible social expenditures as set out in CADES Social Bond framework. Pricing 2/24. Settle 3/3 (T+5).
IPTs: SOFR MS+67 area (currently equiv. ~CT7+33.3bps).
Guidance: MS+66bps area (- IOIs are in excess of $7.2bn (incl. $650m JLM interest))
Spread set: MS+65bp ( Books in excess of $10.7bn+ (incl. $650m JLM interest)). EMEA & Asia books to close 11am UKT/12pm CET. US books close 8am NYT/1pm UKT.

LAUNCHED: $3.5bn 7y at SOFR MS+65. Orderbooks closed in excess of $12.3bn (incl. $650m JLM interest.

PRICED: $3.5bn 4.00% 3/3/33 99.385 4.102% SOFR MS+65 (T+29.95).