NEW ISSUE: CADES US$ bmk 3yr Social Sr Unsec; SOFR MS+46a
IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA
Issuer
Term
Maturity
Size
Ranking
Type
IPT
CADES
3yr
21-Aug-29
bmk
Sr Unsec
Fixed
SOFR MS+46a
IPTs: 3yr: SOFR MS+46a
Issuer:CADES (Caisse d'Amortissement de la Dette Sociale)
Ratings: AA/A+/A+/AA- (DBRS/S&P/Fitch/Scope)
Format: 144A/Reg S 3(c)(7)
Size: US$ Benchmark
Maturity: 21-Aug-29
Settlement: 21-May-26 (T+6)
Coupon: Fixed, Semi-Annual, 30/360 (short first)
IPT: SOFR MS (S/A, 30/360) +46bps area (currently equiv. ~CT3+26.4bps)
Listing: Euronext-Paris
Governing Law: English Law
Denominations: US$200k + US$1k
Documentation: Issuer's Global Medium Term Note Programme
Bookrunners: BofA, CACIB, HSBC, JPM
Timing: Taking IOIs, expect tomorrow's business
Use of Proceeds: 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.
Target Market: Manufacturer target markets (MIFID II / UK MiFIR product governance) as assessed by the lead managers is professional and eligible counterparties (all distribution channels).