Casino and Rallye request suspension after controversial divi

French supermarket chain Casino and its holding company Rallye requested a suspension of trading across shares and bonds on Thursday, pending a release from the company. The move follows the group’s decision to pay a €52m dividend on Wednesday, despite the deteriorating liquidity position at the group.

  • By Owen Sanderson
  • 23 May 2019

Bonds were trading at deeply distressed levels, with Casino’s 2049 hybrid quoted at 47.25, according to MarketAxess’s BondTicker, and holding company debt issued by Rallye quoted at 55.

Moody’s downgraded the chain at the beginning of April, cutting its unsecured rating from Ba1 to Ba3, flagging that the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 107,057.91 536 5.93%
2 Citi 97,982.52 503 5.43%
3 Bank of America Merrill Lynch 93,417.04 477 5.18%
4 Barclays 82,746.08 357 4.59%
5 Goldman Sachs 72,129.66 351 4.00%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 23,881.98 65 8.04%
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4 SG Corporate & Investment Banking 17,453.03 80 5.87%
5 Bank of America Merrill Lynch 16,800.86 56 5.65%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 5,477.09 30 9.39%
2 Deutsche Bank 4,159.22 26 7.13%
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4 Barclays 3,856.31 25 6.61%
5 Goldman Sachs 3,785.14 29 6.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 21,290.12 175 9.59%
2 Citi 20,439.86 159 9.20%
3 Goldman Sachs 16,517.10 127 7.44%
4 Bank of America Merrill Lynch 15,491.95 134 6.98%
5 Morgan Stanley 14,358.47 98 6.47%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,764.80 117 5.75%
2 Barclays 18,752.59 77 5.46%
3 Citi 17,788.18 88 5.18%
4 SG Corporate & Investment Banking 17,460.83 84 5.08%
5 JPMorgan 16,953.30 81 4.93%