Cades lines up social benchmark bond sale for Tuesday business

Chicago, Sept. 11 – France’s Caisse d’Amortissement de la Dette Sociale (Cades) (Aa2/AA/DBRS: AAH) is planning to price a dollar-denominated offering of fixed-rate social bonds on Tuesday, according to a market source.

Initial price talk has the notes coming in the SOFR mid-swaps plus 37 basis points area.

The notes will mature on Sept. 19, 2026.

The benchmark offering is expected to be distributed via Rule 144A and Regulation S.

BNP Paribas, Credit Agricole CIB, Deutsche Bank and JPMorgan are bookrunners.

The notes will be listed in Paris.

Settlement is planned for Sept. 19.

Proceeds will be used to finance or refinance social expenditures as set out in Cades’ social bond framework.

The French debt agency is based in Paris.

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