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TRANSPORTATION: CMA CGM (CMACG; Ba1/BB+) Tap of new 5NC2; IPT

TRANSPORTATION

€100m tap of the new €400m 4.75NC1.75; IPT at 101a (+/-0.25)

  • Close yesterday at 102.7/4.7% vs. tap at 5.3%. - i.e. 60bps wide
  • Hasn't traded that low since issuance - priced wide for ratings in primary but we did -and still do not - have a firm view.
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€100m tap of the new €400m 4.75NC1.75; IPT at 101a (+/-0.25)

  • Close yesterday at 102.7/4.7% vs. tap at 5.3%. - i.e. 60bps wide
  • Hasn't traded that low since issuance - priced wide for ratings in primary but we did -and still do not - have a firm view.