Caisse d Amortissement de la Dette Sociale

The French agency was last seen in the market just a month ago

Trio of transactions gives market confidence with more issuance expected

EIB and Cades reopen deals as Renten lines up new 10 year green bond

‘We decided to go for it. Obviously a lot of other people had the same idea’

A pair of sovereign borrowers hit the crowded euro bond market on Wednesday, pulling down a combined €7bn. Public sector issuance is showing no signs of slowing: Wednesday’s borrowers received huge orders.

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.

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.

Caisse d’Amortissement de la Dette Sociale (Cades) has mandate a pair of banks to help it structure its new social bond programme.

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.

Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.

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.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.