Cades brings first ever SSA sterling social bond

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By Burhan Khadbai
20 Jan 2021

Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.

Leads Barclays, NatWest Markets and Nomura opened the books on the December 2025 benchmark with guidance of 27bp area over the 2% September 2025 Gilt.

As the books reached over £1.5bn, the spread was set at Gilts plus 26bp. The size was later set at £1.5bn as the books were closed ...

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