France's CADES launches, prices A$300 mln bond

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SYDNEY, Feb 25 (Reuters) - France's Caisse d'Amortissement
de la Dette Sociale [CDES.UL] (CADES) has launched and priced
A$300 million ($278 million) of five-year Kangaroo bonds, sole
lead TD Securities said.

The bonds priced at 15 basis points under swap, according
to an investor.

Last week, the issuer mandated ANZ Investment Bank and TD
Securities but only TD Securities led the offer.

"The swap market moved too much against us and we could not
execute that part of the transaction," an ANZ spokesperson
said.

CADES, the agency in charge of refinancing France's social
security debt, is rated triple A by all three major ratings
agencies.

The deal details are as follows:

Issuer: Caisse d'Amortissement de la Dette Sociale

Facility: Fixed rate Kangaroo bonds

Documentation: Australia

Amount issued: A$300 million

Maturity: Feb. 28, 2013

Set date: Feb. 28

Coupon: 7.50%

Yield: 7.645%

Margin: +107bps over ACGB May 2013

Issue price: 99.407

Lead(s): TD Securities

Issuer rating: AAA (S&P), Aaa (Moody's), AAA (Fitch)
($1=A$1.08)
(Reporting by Cecile Lefort)