06 July 2017: CADES and Agence France Tresor (AFT) operational teams to merge



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  • Creates a center of excellence for issuing French public debt
  • Reduces operational risk and offers new opportunities to CADES’ staff
  • Both debt agencies retain their independence

The CADES Board met today, under the chairmanship of Mr. M. Jean-Louis Rey, to ratify two new agreements:

  • a mandate agreement between CADES and AFT, the French state debt management body, which ensures AFT responsibility for CADES’ funding programme and its social debt service management;
  • an agreement which makes staff at CADES available to work for AFT.

Creates a center of excellence for issuing French public debt
This agreement brings together the operational expertise in the CADES and AFT teams, creating a unified center of excellence for French public debt issuance.
The new conventions transfer operational responsibility for all of CADES’ funding activities and execution of its issuance programme to AFT. As such, AFT will operate on behalf of and for CADES, making its staff available when appropriate.
Both the AFT and CADES teams will work from the same location under a unified management team.

Reduces operational risk and offers new opportunities to CADES’ staff
As well as strengthening the overall team, this merger mitigates the operational risk moving close from CADES’ end of mandate date, today planned for 2024, in terms of risk control, associated in particular to key people issue. The enlarged team, on which will rely the responsibilities, will ensure continuity of the French institution’s activities under all circumstances.
CADES’ success in fulfilling its mission would not have been possible without the hard work and high skill of its staff, and the French State wanted to allow them to continue to work within the institution and preserve those skills.

The two French debt bodies will be kept distinct and independent
Despite these changes, CADES and AFT will remain independent legal entities, operating under the same conditions. A Chairman and a Board of Directors, together with a Supervisory Committee, will still oversee the conditions under which AFT completes its mission on behalf of CADES.
In addition, French social debt will remain under CADES’ scope, and CADES’ funding will remain the same (0.5 points of CRDS (1), 0.6 point of CSG (1), FRR (1) annual payment).
The State and CADES’ signatures remain the same, debts will be kept separate and the French State’s and CADES’ funding programmes will remain unchanged.

“We are delighted to entering into a new phase of closer collaboration with the CADES team and participate in a mutual exchange of skills. Their strong knowledge of financial markets in France and abroad and the quality of execution they have always demonstrated, will play a key role as we continue to pursue our own operations and respective missions.”, commented Anthony Requin, Chief Executive of Agence France Trésor.

“The combination of our teams has created a great opportunity to anticipate beyond 2024, when CADES reaches the end of its mandate. Together, we are building a center of excellence for issuing French public debt, which will enable us to be more competitive in the competitive sovereign debt market.”, added Jean-Louis Rey, Chairman of CADES’ Board.

(1) CRDS : contribution pour le remboursement de la dette sociale, CSG : contribution sociale généralisée, FRR : Fonds de réserve des retraites


All information regarding CADES and its bond issues are available on www.cades.fr.


Geneviève Gauthey
Head of Communication
+33 1 55 78 58 07
[email protected]

Press relations – Paris
Isabelle Dray
+33 1 56 88 11 29
[email protected]

Jeremy Carey/James Verstringhe
+44 207 920 3150
jcarey/[email protected]

AFT communication service
+33 1 40 04 15 50
+33 6 72 24 03 88
[email protected]

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