Rallye issues first equity-neutral exchangeable after Casino slump

Rallye, the French listed holding company that controls supermarket group Casino, on Wednesday became the first issuer to use an equity-neutral structure on an exchangeable bond, rather than a convertible.

  • By Jon Hay
  • 19 Oct 2016

The €200m deal, led by BNP Paribas and Crédit Agricole, is exchangeable into shares of Casino and has a 5.27 year maturity.

The bond is also highly unusual among equity-neutral CBs in that it is not clear whether the issuer was motivated by the prospect of a clear ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 25,935.16 104 7.16%
2 Deutsche Bank 25,125.19 81 6.94%
3 Bank of America Merrill Lynch 22,023.57 59 6.08%
4 BNP Paribas 19,315.94 110 5.34%
5 Credit Agricole CIB 18,706.93 106 5.17%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%