By William Gullotti and Cristal Cody
Buffalo, N.Y., Jan. 18 – France’s Caisse d’Amortissement de la Dette Sociale (Cades) (Aa2/AA/DBRS: AAH) priced $4 billion of 4.25% three-year social bonds at 99.858 to yield 4.301% on Wednesday, according to details provided by a market source.
The Rule 144A and Regulation S benchmark offering marks Cades’ seventh social issue.
The bonds priced at a spread of 38 basis points over SOFR mid-swaps, or Treasuries plus 18.6 bps. The bonds were initially talked in the mid-swaps plus 41 bps area with guidance later firmed at the SOFR mid-swaps plus 40 bps area.
BNP Paribas, Credit Agricole CIB, Morgan Stanley and NatWest Markets are the bookrunners for the deal.
Settlement is planned for Jan. 24, and the bonds will be listed in Paris.
Proceeds will be used for social expenditures as set out in Cades’ social bond framework.
The French debt agency is based in Paris.
| Issuer: | Caisse d’Amortissement de la Dette Sociale
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| Amount: | $4 billion
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| Issue: | Social bonds
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| Maturity: | Jan. 24, 2027
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| Bookrunners: | BNP Paribas (billing and delivery), Credit Agricole CIB, Morgan Stanley and NatWest Markets
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| Coupon: | 4.25%
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| Price: | 99.858
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| Yield: | 4.301%
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| Spread: | SOFR mid-swaps plus 38 bps, or Treasuries plus 18.6 bps
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| Trade date: | Jan. 17
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| Settlement date: | Jan. 24
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | SOFR mid-swaps plus 40 bps area, firmed from initial talk in the mid-swaps plus 41 bps area
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