France’s Cades strikes twice before Eu70bn 2011 challenge

21 Oct 2010

Tapping the market for 10 year US dollars and euros this week, French agency Caisse d’Amortissement de la Dette Sociale (Cades) faced challenges that might have made other issuers blanch. Included here is a leap in the borrowing requirement to Eu70bn next year.

With hostility to domestic economic reform made obvious by a population on the streets, and a reluctance by investors to consider long dated dollars through the crisis, bankers said Cades had done well to get the deals away.The two issues this week all but complete Cades’s long term ...

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