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Focused

CMA CGM 3Q18: Reprieve in Bunker Costs on the Way?

Earnings Note: 28 Nov 2018, 11:18 AM ET - CMA CGM reported 3Q18 results that continue to highlight positive growth in demand, offset by a drag on earnings due to the rise in fuel costs.
Focused

CMA CGM 2Q18: Fuel surcharges, M&A on the Horizon

Company Analysis: 11 Sep 2018, 8:05 AM ET - 2Q18 results were expected to be weak, but liquidity remains solid and 2H18 will improve sequentially as fuel surcharges kick in.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

CMA 1Q18: Emergency Fuel Surcharge to the Rescue?

Earnings Note: 29 May 2018, 9:47 AM ET - CMA CGM faces another tough quarter in 2Q18, and the price of fuel remains a swing factor, but liquidity remains solid and we remain comfortable with the risks and the fundamentals.
Focused

CMA CGM: Solid 4Q17, but Choppy Waters in 1Q18

Earnings Note: 22 Mar 2018, 9:15 AM ET - CMA CGM reported solid 4Q17 results, but headwinds lie ahead in 1Q18 as capacity growth will remain a constraint on further price improvements in 2018. We maintain our Market perform recommendation on CMA CGM bonds.

November 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the twenty-five companies recommendation changes made on European companies during the month of November.
Focused

CMA CGM: Strong 3Q17, Price Pressure, Shift to Hold

Earnings Note: 30 Nov 2017, 8:17 AM ET - CMA CGM reported another quarter of strong results, but potential headwinds within the volatile container shipping sector are also worth keeping an eye on.

HLAG 3Q17: Strong Results, Recovery Still on Course

Earnings Note: 15 Nov 2017, 8:48 PM ET - Strong 3Q17 results reflect the market recovery, freight rate improvements and cost control efforts. Despite recent softness in freight rates, recovery is still expected while capacity growth remains in check.
Focused

CMA CGM: Taps 5.25s of 2025 for €150 mn

Worth Watching: 06 Nov 2017, 5:37 AM ET - CMA CGM (B3/B-) is tapping its €500 mn 5.25% 2025 senior unsecured notes for an additional €150 mn, less than one month after issuing the bond (see CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%). This will take the total outstanding amount t ..
Focused

CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%

Worth Watching: 16 Oct 2017, 9:22 PM ET - CMA CGM (B3/B-) is issuing €300 mn seven-year NC3 senior unsecured notes (due January 2025). CMA CGM last tapped the bond market in July to refinance near term maturities, and also increased the capacity under its revolving credit facilities (s ..
Focused

CMA CGM 2Q17: Full Steam Ahead

Earnings Note: 18 Sep 2017, 10:58 PM ET - CMA CGM reported strong 2Q17 results driven by positive market trends and operating improvements. We maintain our Buy recommendation on CMA CGM bonds.
Focused

HY Note: CMA CGM - Issuing 5NC2, Considering 7NC3

HY Note: 06 Jul 2017, 6:18 AM ET - CMA CGM is issuing five year bonds and possibly seven-year bonds as well. We view the 6.5% area on the five-year bonds as fair value, but see less wiggle room on the downside for the seven-year bonds at 7.0%.

CMC Ravenna: New High Yield Issue Report

HY Note: 05 Jul 2017, 9:24 PM ET - CMC Ravenna (B2/B) is roadshowing a €250 mn senior unsecured bond (NC2) due 2022, to rank alongside its existing €300 mn 7.5% 2021 bond. 
Focused

HLAG/CMA CGM: Market Recovery-Time to Issue Bonds

HY Note: 04 Jul 2017, 6:19 AM ET - Hapag-Lloyd and CMA CGM are both in the bond market, with CMA CGM bonds pricing later this week. We are buyers of Hapag-Lloyd 7-yr bond at 5.25% IPT, but would shy-away if final pricing comes in below a 5-handle.
Focused

Euro HY Conference 2017: Container Shipping

Transcript: 25 Jun 2017, 8:02 PM ET - In this report, we transcribe our discussion of the container shipping sector and our investment recommendations for CMA CGM and Hapag-Lloyd.
Focused

CMA CGM 1Q17: Riding the Recovery Wave

Earnings Note: 23 May 2017, 8:44 PM ET - CMA CGM reported strong 1Q17 results as the rise in freight rates, improvement in operating performance and NOL synergies more than offset the sharp rise in bunker fuel costs.

Hapag-Lloyd 1Q17: Fuel Costs Weigh on Margins

Earnings Note: 13 May 2017, 10:53 AM ET - Hapag-Lloyd reported results that were weighed down by the rise in bunker fuel costs, while freight rates continue to improve sequentially, but still remain down YoY.
Focused

CMA CGM 4Q16: Riding the Freight Rate Growth Wave

Earnings Note: 13 Mar 2017, 10:20 PM ET - CMA reported solid operating results and balance sheet improvements, that reflect the recovery in freight rates, cost efficiencies and NOL related synergies.

December 2016 Company Coverage Initiated

Company Coverage Initiated: 01 Jan 2017, 10:38 PM ET - Our monthly report provides executive summaries for the seven company on which we launched coverage in the US, Europe, and Asia during the month of December.
Focused

CMA CGM: Initiating Coverage - Buy Recommendation

Company Spotlight: 07 Dec 2016, 11:26 PM ET - Investors should be wary of the significant volatility in the container shipping sector, but we place a Buy recommendation on CMA CGM senior unsecured bonds given the improving market fundamentals and the company’s stabilizing finances.

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