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Commentary & Deal Flow

by Anna Tkachenko

May 13, 2026 10:44 AM ET

PRICED: CADES US$3bn 3yr Social Sr Unsec; SOFR MS+43bp

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

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
CADES	3yr	4.250%	21-Aug-29	US$3bn	Sr Unsec	Fixed	99.945	4.270%	SOFR MS+43	-3

Reoffer: 3yr: SOFR MS+43bp / 99.945 / 4.270%
Benchmark: 3yr: CT3 3 7/8 15-May-29 @ 99-17¾ / B+23.6bp / HR 108%

Final Books: in excess of US$9.2bn (excl. JLM interest)

Launched: 3yr: US$3bn @ SOFR MS+43bp - Books in excess of US$9.1bn (excl. JLM interest)
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$3bn
Maturity: 21-Aug-29
Settlement: 21-May-26 (T+6)
Coupon: 4.250%, Fixed, Semi-Annual, 30/360 (short first)
Reoffer: SOFR MS (S/A, 30/360) +43 bps / 99.945% / 4.270% S/A
UST ref: +23.6 bps vs. CT3 (T 3 ⅞ 15-May-29 @ 99-17¾ / HR 108%)
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 (B&D/DM)
ISIN - XS3382816687 (RegS) / US12802D2V76 (144a)
Timing: Priced. TOE: 15:30 LDN.
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).