CADES carries out the largest eurobond ever issued since it was created
Patrice Ract-Madoux, Chairman of CADES, opens the trading day in Paris to celebrate the listing of the largest bond issued -5 billion of euros - since its inception.
Created in 1996, CADES (Caisse d'Amortissement de la Dette Sociale) is an administrative public body owned and controlled by the French State. Its mission is to amortise the French social debt. To successfuly achieve its mission entrusted by French Parliament, CADES has the possibility to issue tradable debt securities. The outstanding success of this transaction underlines the confidence that international investors have in CADES, one of the first European issuer. They particularly appreciate the solidity of the French social debt amortization mechanism, as well as the quality of the resource that is collected among the population under the supervision of the French Parliament and the Constitutional Council. Since its establishment, CADES has amortised a total of €84.1 billion of French social debt on a total of €216.7 billion assumed since inception. This reduction in the French public debt is equivalent in amount to 4 percentage points of 2013 GDP. When the interest saving on the amortised debt is taken into account, the reduction equates to more than 5 per cent of GDP.