By Laura Contemori – ROME (Econostream) – French public administrative agency CADES (Caisse d'Amortissement de la Dette Sociale) on Tuesday priced a €2.5 billion social bond due September 2030.

The transaction carries ratings of AA from DBRS, A+ from S&P and Fitch, and AA- from Scope.

The bond matures on September 25, 2030 and carries a 3% fixed annual coupon. It was reoffered at 99.981%, corresponding to a yield of 3.007%.

The spread was set at 10bp over interpolated French government bonds, based on the May 2030 and November 2030 OAT benchmarks.

An amount equivalent to the proceeds will be used to finance and/or refinance eligible social expenditures in line with CADES Social Bond Framework.

Settlement is scheduled for June 30, 2026.

The notes were issued under French law and will be listed in Paris.

Bank of America, Morgan Stanley, Natixis and Société Générale acted as bookrunners.