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CMA CGM (CMACG; Ba1/BB+; S) 5Y IPT(private co)

TRANSPORTATION

€400m 5NC2 IPT Snr Unsec. 5.75%-6% (eqv. MS+290-310), UoP GCP, no curve.


Thoughts to follow

**What we said other day:

  • It's the 3rd largest container shipping co, comp's will include Maersk (Baa1/BBB+; 5Y~MS+70) & Hapag 28s (Ba3/BB+; Z+100). Maersk has always screened rich to us vs. other sectors (large cash pile but M&A potential). Interested to see where this comes.
  • No bonds (all retired) but it's 27s were issued at 8%/MS+882 in Oct 2020 with Caa1/B- Ratings. Investors that stuck with the name would have done well; it was called 2yrs later at €103.75 (issued at €97.848).
  • It does has a (previously orphaned) CDS with mids at +216, has moved +20 since mandate announced.

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