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Commentary & Deal Flow

NEW ISSUE: CADES € bmk 4yr Social Sr Unsec; OAT+11a

IGC European Market: Deal Flow - SSA

Issuer

Term

Maturity

Size

Ranking

Type

Guidance

CADES

4yr

25-Sep-30

bmk

Sr Unsec

Fixed

OAT+11a


Guidance: 4yr: Interpolated OAT+11a


  • Issuer: CADES (Caisse d'Amortissement de la Dette Sociale)
  • LEI: 969500P04DQJS4BPM574
  • Issuer Rating: AA/A+/A+/AA- (DBRS/S&P/Fitch/Scope)
  • Format: Reg S
  • Status: Risk Weighting 0% (EU), LCR Level 1
  • Size: € Benchmark
  • Settlement: 30-Jun-26 (T+5)
  • Maturity: 25-Sep-30
  • Coupon: Fixed, Annual, ACT/ACT, short first to 25 September 2026
  • Guidance: Interpolated OATs+11bps area
  • BMK References: FRTR 2.5% May-30 (MID) & FRTR 0% Nov-30 (MID)
  • Listing/Law: Paris/French Law
  • Denominations: €100k + €100k
  • Docs: Debt Issuance Programme
  • Bookrunners: BofA, MS, Natixis and SG (B&D/DM)
  • ISIN: FR0014019HY9
  • Common Code: 342645143
  • Timing: Books open, Today's business
  • Target Market: Eligible counterparties and professional investors, each as defined in MiFID II/UK MIFIR (all channels for distribution)
  • 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