CGG - comment

Shares were down over 15% since yesterday, having us wonder what triggered the drop and if that would filter through to the bonds. It turns out a tremor in a tea cup and triggered only through a change of heart at Kepler Cheuvreux to switch from a sum-of-the-parts method to a cash flow based valuation. As bonds were there in the first place, we do not anticipate a major move, but do recognise that the paper is off since the start of the year.