Caisse d’Amortissement de la Dette Sociale — Cades

Guarantor: Republic of FranceRating: Aa1/AA+/AAAAmount: €2.5bnMaturity: 25 May 2018Issue/re-offer price: 99.499Coupon: 1%Spread at re-offer: mid-swaps plus 17bp; 17.1bp over the 1% May 2018 BundLaunch date: Tuesday 26 MarchPayment date: 4 AprilJoint books: BNP Paribas, Credit Suisse, HSBC, Natixis

Borrower’s comment:

This might not have been an ideal week for issuance ...