Cades brings first ever SSA sterling social bond

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 BarclaysNatWest 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 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial