Cades changes the tune

Cades faced a challenge in 2011 to keep pace with a funding requirement that had tripled year-on-year even amid a worsening financial crisis. By playing to its strengths in its core markets and seeking out investors in new ones — most clearly with its debut Reg S/144A transaction — it is mission accomplished, so far. Stefania Palma reports on the issuance strategies it has deployed.