Welcome to CADES website!
The site gathers all information you need to better understand its activity, its mechanisms, its financial and regulatory environment…
Since inception in 1996, CADES has the mission to redeem and amortize the deficits from the social security. To support its mission, CADES uses a diversified range of bonds issued in euros and in other currencies to meet the needs of international investors.
Each year, CADES defines an annual funding programme after the Social Security Financing Act (SSFA) was voted by the French Parliament. The SSFA sets the annual social debt amortization objective and establish, if any, the social debt to transfer to CADES for the year to come.
In order to reach its objectives, pay the interests to bearers of CADES’ bonds and pay off investors, CADES receives the following income: CRDS (1) at a rate of 0.5%, 0.48% of CSG (1) and 2.1 billion of euros paid by the FRR (1) until 2024. Since the Social Security Financing Act for 2016 was voted by the French Parliament, CADES' s sources of funding has been simplified with the 1.3 % levy on income by an additional 0.12 point of CSG.
In 2015, CADES income reached 16.4 billion euros, enabling 2.8 billion euros to be paid to bearers of CADES’ bonds and 13.6 billion euros of social security debt to be amortized, in accordance with the amortisation revised objective stipulated by the 2016 SSFA.
Furthermore, 15.0 billion euros of mid- and long-term debt were raised in 2014, consolidating its position as one of the top European sovereign and “quasi-sovereign” bond issuers.
In 20 years, CADES redeemed 237 billion euros of social debt and amortised 110.3 billion euros, equating to a reduction in French public debt of more than 6 per cent of France’s GDP. At the end of 2015, there were still 126.6 billion of euros to be amortised.
The high quality, diversification and liquidity of our issues combined with the trust that we have developed throughout the years with international investors, are among the strong assets which make us confident that in the future we will be able to efficiently pursue the mission entrusted to us by the French Parliament to manage and amortise the French social debt.
(1) CRDS: Contribution au Remboursement de la Dette Sociale - CSG: Contribution Sociale Généralisée - FRR: Fonds de Réserve des Retraites