Cades in the news

  • Dollar market providing superb execution at short end

    Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.

    • 19 Oct 2017
  • Big price moves in short end dollar flurry

    Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels.

    • 17 Oct 2017
  • Cades and AFT staff to merge

    Caisse d’Amortissement de la Dette Sociale (Cades), the French social security debt agency, is set to form a much closer working arrangement with Agence France Trésor, the French sovereign debt office, in an effort to reduce operational risk.

    • 06 Jul 2017
  • Much Madoux about funding: Cades vet retires

    There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.

    • 11 May 2017
  • Cades picks new chairman as bankers hail retiring Madoux

    Caisse d’Amortissement de la Dette Sociale has appointed a veteran of the French social security sector to succeed its long-serving chairman Patrice Ract Madoux, who is retiring.

    • 09 May 2017
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.

    • 10 Feb 2017
  • ADB stutters in dollar 10s, short end sparkles

    Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.

    • 05 Jan 2017
  • Cades USD2.25bn 1.875% Jan 20

    • 05 Jan 2017
  • Cades reveals 2017 plans, eyes US risks

    US politics are the biggest potential threat to market stability in 2017, outstripping concerns over a series of European presidential and general elections, according to Philippe Noël, head of capital markets at Caisse d'Amortissement de la Dette Sociale. Noël made the comment as the French agency outlined its funding plans for 2017.

    • 14 Dec 2016
  • SSAs turn on euro taps

    Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.

    • 09 Jun 2016
  • RATP falls just short after ECB confusion

    Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.

    • 08 Jun 2016
  • Another deal dumped as SSAs fight over slim windows

    A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.

    • 17 Mar 2016
  • Cades USD3.25bn 2% Mar 21

    • 17 Mar 2016
  • Cades bring home dollar fives as L-Bank pauses

    Caisse d'Amortissement de la Dette Sociale found strong demand at the five year part of the dollar curve on Tuesday, as L-Bank delayed a deal in the same currency and tenor.

    • 15 Mar 2016
  • Cades hits £500m as KommuneKredit prepares sterling tap

    Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency.

    • 04 Feb 2016
  • Euro trio hit screens in Chinese New Year scramble

    A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.

    • 02 Feb 2016
  • Five looks to be a ‘sweet spot’ in euros for SSA investors

    Bankers say that five years appears to be the right point in euros in a week in which a raft of issuers hit the books.

    • 28 Jan 2016
  • Fed blockage diverts public sector primary bond flow to euros

    Public sector borrowers are hitting several parts of the euro curve, with dollar issuance all but dried up before the US Federal Reserve announces later on Wednesday the outcome of its Federal Open Markets Committee meeting.

    • 27 Jan 2016
  • Cades to raise €24bn in 2016

    French government agency Caisse d'amortissement de la dette sociale has announced a €24bn funding target for 2016.

    • 13 Jan 2016
  • SSAs make sterling saving to raise £400m

    Two issuers made opportunistic moves in sterling on Tuesday with one offering investors a rare 2020 and the other a tap.

    • 12 Nov 2015

Dealer League Table Cades

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 1,629.03 2 17.13%
2 BNP Paribas 1,561.04 2 16.41%
3 SG Corporate & Investment Banking 1,066.63 1 11.21%
3 Natixis 1,066.63 1 11.21%
3 Citi 1,066.63 1 11.21%

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 18,481.15 26 8.94%
2 HSBC 16,094.53 24 7.78%
3 BNP Paribas 15,919.65 22 7.70%
4 Barclays 15,034.43 23 7.27%
5 Goldman Sachs 14,733.99 25 7.12%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,381.13 125 11.91%
2 Citi 51,314.15 130 11.44%
3 HSBC 34,944.78 85 7.79%
4 Bank of America Merrill Lynch 33,966.38 103 7.58%
5 Deutsche Bank 29,250.35 70 6.52%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,435.93 113 7.30%
2 UniCredit 33,423.92 115 7.09%
3 Barclays 32,006.38 77 6.79%
4 Goldman Sachs 31,731.55 86 6.73%
5 BNP Paribas 31,535.13 67 6.69%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 93,456.61 317 7.32%
2 JPMorgan 93,323.26 535 7.31%
3 HSBC 80,762.45 290 6.33%
4 Barclays 66,264.15 207 5.19%
5 Bank of America Merrill Lynch 66,092.39 212 5.18%