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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  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
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3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 10,650.87 23 11.13%
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3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 5,440.56 17 10.74%
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3 UBS 3,742.72 17 7.39%
4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%