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Bondholders face risky last bet at Casino owner

Rallye's five-year credit default swaps, a form of insurance against default, have soared to over 2,800 basis points, from just over 700 in March. That implies a more than 80 percent probability of failure, according to Eikon. Rallye's 3.4 percent bond maturing in 2022 yields 26 percent. Some 975 million euros of bonds come due between now and March. That's not all.

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