Comment / CMA CGM's unexpected bond issue to bridge Ceva's funding gap?

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There was a strong sense of déjà vu when the launch of a €325m bond package by CMA CGM Group grabbed the headlines* yesterday, 9 December.

(*We’ll get shortly onto its 3PL arm, Ceva Logistics, and why it matters)

Notably, the ocean carrier said the new bonds are exchangeable into Air France-KLM stock that CMA CGM has been holding for just over three years now.

To be sure

There’s no certainly its near-9% minority interest will be fully offloaded to a bunch of investors ...