New Issue: France's Cades sells $2.5 billion 2.375% five-year notes at mid-swaps plus 22 bps

By Andrea Heisinger

New York, March 24 - La Caisse d'Amortissement de la Dette Sociale priced $2.5 billion of 2.375% five-year notes to yield Treasuries plus 44.95 basis points, or mid-swaps plus 22 bps, a market source said.

The notes (Aaa/AAA/AAA) sold at 99.472 to yield 2.488%. They were priced under Rule 144A.

Bookrunners were Credit Suisse Securities LLC, Goldman Sachs & Co., HSBC Securities Inc. and Merrill Lynch.

The French debt agency is based in Paris.

Issuer:	La Caisse d'Amortissement de la Dette Sociale
Issue:	Notes
Amount:	$2.5 billion
Maturity:	March 31, 2016
Bookrunners:	Credit Suisse Securities LLC, Goldman Sachs & Co., HSBC Securities Inc., Merrill Lynch
Coupon:	2.375%
Price:	99.472
Yield:	2.488%
Spread:	Treasuries plus 44.95 bps, or mid-swaps plus 22 bps
Distribution:	Rule 144A
Trade date:	March 23
Settlement date:	March 31
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA

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