France debt agency, Cades, to ramp up borrowing in 2011 and 2012

Issuer focus: Cades

Patrice Ract Madoux, chairman of Cades

January brought much relief to supranational, sovereign and agency (SSA) borrowers in Europe, with huge demand for offerings from the European Union and European Financial Stability Facility, and relatively successful auctions involving Spain and Portugal.

One SSA borrower that will be keeping a particularly watchful eye on market conditions over the next couple of years is Caisse d’Amortissement de la Dette Sociale (Cades), the state agency responsible with managing and amortising France’s soci