Casino - comment

As we noted with Casino purchased and cancelled Quantrim bonds in June, we were a little surprised they didn’t purchase more as there was c.€110m in the Senior Secured Segregated Account. On cue, Casino announced this morning the purchase and cancellation of a further c.€16m of Quantrim Bonds, reducing the segregated account to €95.4m (implying purchase price, including interest of 97%). Additionally, Casino purchased €20.5m of their short-dated bonds (Jan-23) with cash on balance sheet. We would expect similar announcements over the coming months as Casino continue to use the segregated cash to cancel the Quantrim bonds and buy back the short-dated bonds if and when they can capture a discount.

Casino report their Q2 numbers on the 28th of July, before market opens.