Cades in the news

  • Funding scorecard: French agencies

    This week's scorecard looks at the funding progress of French agencies as we move into February.

    • 02 Feb 2018
  • SSAs set long and short markers in delicious dollar mart

    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.

    • 25 Jan 2018
  • KfW to test dollar 10s after SSAs clean up in threes

    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.

    • 23 Jan 2018
  • Cades halves funding target, updates on AFT merger

    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.

    • 12 Dec 2017
  • Dollar market providing superb execution at short end

    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.

    • 19 Oct 2017
  • Big price moves in short end dollar flurry

    Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels.

    • 17 Oct 2017
  • Cades and AFT staff to merge

    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.

    • 06 Jul 2017
  • Much Madoux about funding: Cades vet retires

    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.

    • 11 May 2017
  • Cades picks new chairman as bankers hail retiring Madoux

    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.

    • 09 May 2017
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.

    • 10 Feb 2017
  • ADB stutters in dollar 10s, short end sparkles

    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.

    • 05 Jan 2017
  • Cades USD2.25bn 1.875% Jan 20

    • 05 Jan 2017
  • Cades reveals 2017 plans, eyes US risks

    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.

    • 14 Dec 2016
  • SSAs turn on euro taps

    Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.

    • 09 Jun 2016
  • RATP falls just short after ECB confusion

    Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.

    • 08 Jun 2016
  • Another deal dumped as SSAs fight over slim windows

    A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.

    • 17 Mar 2016
  • Cades USD3.25bn 2% Mar 21

    • 17 Mar 2016
  • Cades bring home dollar fives as L-Bank pauses

    Caisse d'Amortissement de la Dette Sociale found strong demand at the five year part of the dollar curve on Tuesday, as L-Bank delayed a deal in the same currency and tenor.

    • 15 Mar 2016
  • Cades hits £500m as KommuneKredit prepares sterling tap

    Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency.

    • 04 Feb 2016
  • Euro trio hit screens in Chinese New Year scramble

    A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.

    • 02 Feb 2016

Dealer League Table Cades

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 664.67 1 21.00%
1 HSBC 664.67 1 21.00%
1 Barclays 664.67 1 21.00%
4 JPMorgan 390.44 1 12.33%
4 Credit Agricole CIB 390.44 1 12.33%

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,577.78 16 10.55%
2 Citi 12,045.36 19 9.36%
3 JPMorgan 11,945.26 17 9.28%
4 HSBC 10,316.86 14 8.01%
5 NatWest Markets 8,487.83 7 6.59%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 29,150.83 75 12.01%
2 HSBC 22,658.54 50 9.34%
3 JPMorgan 20,595.64 53 8.49%
4 Deutsche Bank 19,242.86 28 7.93%
5 Bank of America Merrill Lynch 18,058.50 54 7.44%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,713.57 61 8.22%
2 Barclays 24,851.88 42 7.65%
3 HSBC 23,229.76 78 7.15%
4 UniCredit 23,038.67 57 7.09%
5 BNP Paribas 21,252.17 39 6.54%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 55,927.20 304 7.00%
2 Citi 55,431.88 193 6.94%
3 HSBC 55,267.44 197 6.92%
4 Barclays 45,831.83 154 5.74%
5 Deutsche Bank 42,500.76 118 5.32%