La CADES ouvre le marché européen d’Euronext à l’occasion d’une émission obligataire historique



Paris 28 March 2014 – Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE),has congratulated CADES (Caisse d’Amortissement de la Dette Sociale) on its successful €5 billion bond issue on 12 February 2014. A leading international issuer, CADES today celebrated that benchmark by ringing the bell that marks the start of trading in Paris.

CADES’mission is to fund and redeem the debt accumulated under France’s general Social Security system. It does this using avery wide range of debt securities which it issues in euros and other currencies in response to demand from international investors. The €5 billion issue by CADES was the largest since its creation in 1996, and was part of its medium and long-term financing programme for 2014.

The issue has a final maturity of 25 May 2019, pays a coupon of 1.125% and has a reoffer price of 99.394%. The transaction was executed with +15.0 basis points over mid-swap, equivalent to a +11.3 basis point spread over OAT benchmark 1% 25 May 2019.

Exceptional demand from investors resulted in an order book of over €7 billion in a record time. Placement was distributed to more than 160 investors from around the world, including 49% in Asia, 22% in Germany and Austria, 7% in France, 5% in the United Kingdom, 4% in the Middle East, 1% in Switzerland and 12% in other European countries.

Central banks and official institutions contributed to more than half of the placement (58%), followed by banks and other financial instutitions (20%), fund managers (18%) and insurance companies (4%).

“Euronext is proud to have worked with CADES on this latest very important bond issue—a benchmark that is an additional positive signal on our markets and confirms their lasting return to pre-crisis levels,”said Marc Lefèvre, Euronext’s Head of European Business Development and Client Coverage. “To finance its requirements, the French State relies primarily on securities issued on financial markets, as in this case with CADES. Euronext offers a wide range of solutions that reflect its key role in financing the economy.”            

Patrice Ract Madoux, Chairman of CADES Board of Directors, rang the bell marking the start of trading of Euronext’s European market, accompanied by financial and legal advisers and by the Euronext Paris listing team.

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About Euronext 
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With more than 1,900 listed issuers and around €6.5 trillion in market capitalisation as of end June 2023, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.  
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