Cades sees out 2009 with surprise Eu3bn five year finale
Caisse d’Amortissement de la Dette Sociale (Cades) made a surprise appearance in the euro sector this week. The French social security debt agency took advantage of the low yield environment and the absence of any competing public sector supply to issue a Eu3bn five year bond, which many bankers believe will be the last big public sector benchmark of 2009.
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