Playing it right in Asia

Caisse d’Amortissement de la Dette Sociale, better known as Cades, is a French public agency. Although the French state does not explicitly guarantee its debt, it bears ultimate responsibility for Cades’s solvency, according to credit rating agencies Fitch and Standard Poor’s.

The organisation has already popped up on the radar screens of some Asian investors and they have enthusiastically subscribed to its recent debt issues in their quest for low-risk yield. Now Cades is looking to tap them for even more as it seeks to cast a wider net for funds.

Historically the bonds raised by the Paris-based sinking fund an entity formed by the French government...