CMA CGM - Initiation

Dear All
 
Please find our initiation of CMA CGM here.
 
We are looking at the 2021 bonds with the view of taking a long position. We believe that the partial RCF extension to 2023, and the optionality for shareholders to keeping the business running in the expectations of a recovery, is likely to ensure repayment at par of this bond.

We prefer to steer clear of the other bonds due to their effective layering by the 21s.

We are looking forward to exchanging ideas on CMA CGM with you.

Juliano