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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