Cades in the news

  • Cades debuts social framework in dollars

    French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.

    • 15 Sep 2020
  • Cades hires banks to structure social framework

    Caisse d’Amortissement de la Dette Sociale (Cades) has mandate a pair of banks to help it structure its new social bond programme.

    • 04 Sep 2020
  • Cades looks to social bonds as mandate extends to 2033

    Caisse d’Amortissement de la Dette Sociale (Cades) is setting up a social bond programme to help finance an increasing deficit in France’s social security system.

    • 01 Sep 2020
  • Cades lining up for €4bn in 2020

    Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.

    • 13 Jan 2020
  • Investors pile into record low yields as further ECB stimulus looms

    No matter how deep yields in the primary euro bond market dived into negative territory this week, investors seemed desperate to follow, locking in record low levels in anticipation of the European Central Bank (ECB) making a further cut in its deposit rate and resuming quantitative easing. Burhan Khadbai and Bill Thornhill report.

    • 27 Jun 2019
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.

    • 11 Jun 2019
  • French SSAs should frontload ahead of May-hem

    With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.

    • 05 Feb 2019
  • Five’s alive as KfW gets record, taps balloon

    Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.

    • 31 Jan 2019
  • Cades eyes €4bn target for 2019 as OAT yields rise

    Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.

    • 12 Dec 2018
  • Funding scorecard: French agencies

    This week's scorecard looks at the funding progress of French agencies as we move into February.

    • 02 Feb 2018
  • SSAs set long and short markers in delicious dollar mart

    Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.

    • 25 Jan 2018
  • KfW to test dollar 10s after SSAs clean up in threes

    Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.

    • 23 Jan 2018
  • Cades halves funding target, updates on AFT merger

    Caisse d'Amortissement de la Dette Sociale’s funding need for 2018 will be less than half that of 2017, the French agency said on Tuesday. It also provided an update on its merger with Agence France Trésor, the French sovereign debt agency.

    • 12 Dec 2017
  • 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

Dealer League Table Cades

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5.16 6 19.34%
2 SG Corporate & Investment Banking 4.45 4 16.70%
3 Credit Agricole CIB 4.37 6 16.39%
4 JPMorgan 3.40 4 12.75%
5 HSBC 3.37 4 12.64%

European Sovereign Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 42.49 60 10.43%
2 BNP Paribas 35.95 41 8.82%
3 Citi 29.08 41 7.14%
4 BofA Securities 25.35 63 6.22%
5 Barclays 23.24 40 5.70%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 57.16 137 11.24%
2 JPMorgan 45.74 102 9.00%
3 Goldman Sachs 36.90 61 7.26%
4 HSBC 35.20 100 6.92%
5 BofA Securities 33.73 82 6.63%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75.70 168 8.86%
2 BNP Paribas 70.62 127 8.27%
3 UniCredit 59.43 140 6.96%
4 Credit Agricole CIB 53.73 121 6.29%
5 HSBC 52.45 165 6.14%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 144.37 404 7.54%
2 Citi 121.52 276 6.35%
3 HSBC 106.04 345 5.54%
4 BofA Securities 94.90 253 4.96%
5 BNP Paribas 92.17 201 4.81%