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CMA CGM (CMACG; Ba1/BB+; S) Priced

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€400m 5NC2 IPT Snr Unsec. PRICED 5.5% (eqv. MS+265) vs. final talk 5.625%a (+/-12.5) vs. IPT 5.75%-6%.


  • UoP GCP, no curve.
  • Decent moves into final here. Still Q-park priced its 2-notch lower secured 5.5NC2 at 5.125% last week (MS+233 then).
  • Unclear if investors preferring secured debt over rating pickup - may help explain some of Picard/Ceconomy pricing.
  • Our full thoughts will have to be in secondary.

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