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Commentary & Deal Flow

by Anna Tkachenko

May 13, 2026 4:45 AM ET

UPDATE: CADES US$ bmk 3yr Social Sr Unsec; Spread set at SOFR MS+43bp

IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance	Spread Set
CADES	3yr	21-Aug-29	bmk	Sr Unsec	Fixed	SOFR MS+46a	SOFR MS+45a	SOFR MS+43

Spread set at: 3yr: SOFR MS+43bp - Books in excess of US$8.2bn (excl. JLM interest)
Guidance: 3yr: SOFR MS+45a - IOIs in excess of US$5bn (excl. JLM interest)
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)
Spread: SOFR MS+43bps
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: EMEA/APAC books to close at 10:30am LDN / Americas books to close at 8am EST.
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).