Chicago, Sept. 12 – France’s Caisse d’Amortissement de la Dette Sociale (Cades) priced $4 billion of 4.875% three-year social bonds on Tuesday, according to a press release and details from a market source.
This is Cades’ sixth social issue.
The order book went over $11 billion with more than 140 investors participating. Initial interest was at $6 billion when books opened.
The bonds priced at 99.994, or at SOFR mid-swaps plus 34 basis points. Initial price talk had the notes coming in the SOFR mid-swaps plus 37 bps area.
BNP Paribas, Credit Agricole CIB, Deutsche Bank and JPMorgan were bookrunners for the Rule 144A and Regulation S deal.
The notes will be listed in Paris.
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.
| 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: | Sept. 19, 2026
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| Bookrunners: | BNP Paribas, Credit Agricole CIB, Deutsche Bank and JPMorgan
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| Coupon: | 4.875%
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| Price: | 99.994
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| Yield: | 4.877%
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| Spread: | SOFR mid-swaps plus 34 bps, to 20.7 bps
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| Trade date: | Sept. 12
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| Settlement date: | Sept. 19
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | SOFR mid-swaps plus 37 bps area
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| ISINs: | XS2689239429, US12802D2N50
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