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CMA CGM : Adopting Neutral recommendation on newly issued 2029 notes
Yesterday, CMA CGM issued €400m of bonds maturing in 2029 (5NC2). The IPT was set at 5.75-6.0%, then the guidance was reduced to 5.625% (+/-12.5bp), ending at 5.5%. We begin our coverage of the new bonds at Neutral, as the pricing is in line with the fair value we estimated in our Issuance Focus report (around 5.5/5.75%). This implies a premium compared with the "BB+" curve (between 4.3% and 4.6% yield at 5 years, depending on sources) or with other comparable issuers in the tran...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Delphine Chauvin
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