Cades launches $2.5 billion three-year social notes at SOFR mid-swaps plus 20 bps

By Rebecca Melvin and Cristal Cody

Concord, N.H., Nov. 23 – Caisse d’Amortissement de la Dette Sociale (Cades) launched on Tuesday a $2.5 billion offering of social notes due Nov. 29, 2024 to yield SOFR mid-swaps plus 20 basis points, according to a market source.

Pricing is expected on Tuesday.

Initial price talk was for a rate in the SOFR mid-swaps plus 21 bps area.

BNP Paribas, JPMorgan and NatWest are the bookrunners for the Rule 144A and Regulation S offering.

Books were heard to be in excess of $3.1 billion, the source said.

The French debt agency is based in Paris.

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