The CMA CGM headlines were sobering following the release of third-quarter (Q3) numbers earlier this week.

Its interims were mixed, with sweets spots in terms of adjusted cash flow productivity and other metrics, but here is my personal headline story for what essentially was a Q3 transition to a safer financial harbour: enter the screengrab of the outstanding traded bonds for the ailing French carrier…

… whose net debt load currently implies a forward 2019e net leverage of 4.5x based on an annual ...

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