Cades to test post-ECB demand at long end of euro curve

Caisse d’Amortissement de la Dette Sociale is the first issuer to mandate in euros after the European Central Bank slashed its main refinancing rate and deposit rate by 10bp last week. The agency is looking to sell a 10 year deal, which is expected to attract strong demand despite the outright yield looking set to fall below 1.4%, as the deal has rarity value. It is Cades’s first benchmark size appearance in that part of the curve since last year.