Casino launches in warrants market

Credit tech

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Last month, French retailer Casino became the first corporate to launch a credit spread warrant, a securitised credit call option that allows bond investors to buy into to-be-issued ¬400-million of Casino bonds at a pre-determined price.

“Warrants, as such, are well-known instruments. The innovation of this deal lies in its application to the credit spread of the underlying issuer. This is the first time ever that credit options are sold to corporate bond investors,” says Sean Park, global head

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