Cades. Heard of it? You will have soon. By the middle of this year, Cades is set to become one of the biggest French issuers of international bonds. “It’s going to be the best credit in France after the government,” reckons Arnaud Gremont, an executive director at Morgan Stanley.
For an organization that plans to raise up to Ffr140 billion ($27 billion) in syndicated loans and bonds this year, Cades has a remarkably low profile. Standard & Poor’s has no rating for it; Moody’s has never heard of it.
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