Caisse d Amortissement de la Dette Sociale
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Primary activity is set to ease into next week as Lunar New Year holidays take place
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French agency aims to diversify currency mix via benchmarks and PPs, and execute euro taps
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Supply resumes after issuers took a nearly three month break
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Hopes that ‘the party’ will go on in a market that has not always had open access of late — but Congress drama could shut it down
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Cades prints $3bn while CEB lands flat to starting level
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Competition for investor attention is fierce, with three year bonds also from JBIC and Opec Fund
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Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy
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More issuers have decided to do dollar funding ahead of another potentially large US rate increase
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The French agency was last seen in the market just a month ago
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Trio of transactions gives market confidence with more issuance expected
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EIB and Cades reopen deals as Renten lines up new 10 year green bond
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‘We decided to go for it. Obviously a lot of other people had the same idea’
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A pair of sovereign borrowers hit the crowded euro bond market on Wednesday, pulling down a combined €7bn. Public sector issuance is showing no signs of slowing: Wednesday’s borrowers received huge orders.
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Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social debt, plans to raise almost twice as much as it did this year and more than 10 times what it had initially expected to raise in 2020 before the onset of the coronavirus pandemic.
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French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.
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Caisse d’Amortissement de la Dette Sociale (Cades) has mandate a pair of banks to help it structure its new social bond programme.
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Caisse d’Amortissement de la Dette Sociale (Cades) is setting up a social bond programme to help finance an increasing deficit in France’s social security system.
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Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.
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No matter how deep yields in the primary euro bond market dived into negative territory this week, investors seemed desperate to follow, locking in record low levels in anticipation of the European Central Bank (ECB) making a further cut in its deposit rate and resuming quantitative easing. Burhan Khadbai and Bill Thornhill report.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.
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With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.
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Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.
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Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.
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This week's scorecard looks at the funding progress of French agencies as we move into February.
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
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Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.
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Caisse d'Amortissement de la Dette Sociale’s funding need for 2018 will be less than half that of 2017, the French agency said on Tuesday. It also provided an update on its merger with Agence France Trésor, the French sovereign debt agency.
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Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
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Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels.
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Caisse d’Amortissement de la Dette Sociale (Cades), the French social security debt agency, is set to form a much closer working arrangement with Agence France Trésor, the French sovereign debt office, in an effort to reduce operational risk.
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There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.
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Caisse d’Amortissement de la Dette Sociale has appointed a veteran of the French social security sector to succeed its long-serving chairman Patrice Ract Madoux, who is retiring.
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This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.
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Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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US politics are the biggest potential threat to market stability in 2017, outstripping concerns over a series of European presidential and general elections, according to Philippe Noël, head of capital markets at Caisse d'Amortissement de la Dette Sociale. Noël made the comment as the French agency outlined its funding plans for 2017.