Cades in the news
-
Cades funding needs to soar to €40bn
Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social debt, plans to raise almost twice as much as it did this year and more than 10 times what it had initially expected to raise in 2020 before the onset of the coronavirus pandemic.
-
Cades debuts social framework in dollars
French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.
-
Cades hires banks to structure social framework
Caisse d’Amortissement de la Dette Sociale (Cades) has mandate a pair of banks to help it structure its new social bond programme.
-
Cades looks to social bonds as mandate extends to 2033
Caisse d’Amortissement de la Dette Sociale (Cades) is setting up a social bond programme to help finance an increasing deficit in France’s social security system.
-
Cades lining up for €4bn in 2020
Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.
-
Investors pile into record low yields as further ECB stimulus looms
No matter how deep yields in the primary euro bond market dived into negative territory this week, investors seemed desperate to follow, locking in record low levels in anticipation of the European Central Bank (ECB) making a further cut in its deposit rate and resuming quantitative easing. Burhan Khadbai and Bill Thornhill report.
-
Funding scorecard: French agencies
This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.
-
French SSAs should frontload ahead of May-hem
With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.
-
Five’s alive as KfW gets record, taps balloon
Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.
-
Cades eyes €4bn target for 2019 as OAT yields rise
Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.
-
Funding scorecard: French agencies
This week's scorecard looks at the funding progress of French agencies as we move into February.
-
SSAs set long and short markers in delicious dollar mart
Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
-
KfW to test dollar 10s after SSAs clean up in threes
Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.
-
Cades halves funding target, updates on AFT merger
Caisse d'Amortissement de la Dette Sociale’s funding need for 2018 will be less than half that of 2017, the French agency said on Tuesday. It also provided an update on its merger with Agence France Trésor, the French sovereign debt agency.
-
Dollar market providing superb execution at short end
Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
-
Big price moves in short end dollar flurry
Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels.
-
Cades and AFT staff to merge
Caisse d’Amortissement de la Dette Sociale (Cades), the French social security debt agency, is set to form a much closer working arrangement with Agence France Trésor, the French sovereign debt office, in an effort to reduce operational risk.
-
Much Madoux about funding: Cades vet retires
There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.
-
Cades picks new chairman as bankers hail retiring Madoux
Caisse d’Amortissement de la Dette Sociale has appointed a veteran of the French social security sector to succeed its long-serving chairman Patrice Ract Madoux, who is retiring.
-
Funding scorecard: French agencies
This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.
Dealer League Table Cades
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | SG Corporate & Investment Banking | 1.25 | 1 | 22.26% |
1 | JPMorgan | 1.25 | 1 | 22.26% |
1 | HSBC | 1.25 | 1 | 22.26% |
1 | BofA Securities | 1.25 | 1 | 22.26% |
5 | Morgan Stanley | 0.61 | 1 | 10.97% |
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!
Free trialLatest Issue
Read the magazine on your mobile device
Bank Profiles
Latest news by market and league table performance
European Sovereign Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | SG Corporate & Investment Banking | 4.88 | 3 | 16.63% |
2 | HSBC | 3.99 | 3 | 13.59% |
3 | JPMorgan | 3.00 | 3 | 10.22% |
4 | Citi | 2.89 | 2 | 9.85% |
5 | Barclays | 2.33 | 2 | 7.92% |
Dollar Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 7.41 | 12 | 15.37% |
2 | Deutsche Bank | 4.69 | 6 | 9.73% |
3 | JPMorgan | 4.60 | 9 | 9.55% |
4 | BMO Capital Markets | 3.83 | 3 | 7.95% |
5 | BofA Securities | 3.72 | 5 | 7.73% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 8.94 | 15 | 10.68% |
2 | HSBC | 8.30 | 9 | 9.91% |
3 | SG Corporate & Investment Banking | 7.46 | 7 | 8.91% |
4 | UniCredit | 7.12 | 11 | 8.50% |
5 | Citi | 6.84 | 7 | 8.17% |
Bookrunners of Global SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 14.79 | 19 | 9.78% |
2 | JPMorgan | 14.45 | 40 | 9.56% |
3 | HSBC | 12.32 | 18 | 8.15% |
4 | Deutsche Bank | 10.51 | 17 | 6.96% |
5 | SG Corporate & Investment Banking | 9.06 | 9 | 6.00% |