Casino - comment

Casino used some of its segregated Secured cash to purchase and cancel its bonds. This isn’t sensational as Casino has some headroom under its Gross Senior Secured covenant, however, this does reduce the senior Secured debt by €34m. Crucially, these partial buybacks have limited impact on the interest coverage test. We are a little surprised they didn’t do more open market purchases in the quarter as there is still €111m in the senior Secured segregated account. Meanwhile, asset sales is what is required. We await any announcement on the GreenYellow asset sale.