Caisse d Amortissement de la Dette Sociale

Cades will kick off its 2013 funding programme next week with a dollar benchmark, SSA Markets understands. The borrower may launch a seven or 10 year bond to take advantage of the wealth of cash looking for yield and is prepared to extend beyond traditional maturities to get it.

Issuers should take the plunge. Those considering whether or not it is wise to pre-fund should bite the bullet and go for it.

Caisse d’Amortissement de la Dette Sociale launched a 10 year euro deal on Tuesday, taking advantage of momentum in that maturity established by the European Investment Bank the day before.

World Bank raised eyebrows among MTN dealers as it printed its first sterling floating rate note in 20 years on Monday. Commercial paper issuers have also been busy in the currency this week.

Caisse d’Amortissement Dette Sociale (Cades) harnessed the Swiss franc market’s strong demand for SSA paper with a Sfr200m deal on Thursday. Despite unfavourable basis swaps that have mostly kept top rated names out of the currency, the 12 year followed the French agency’s Sfr150m 14 year note in February.