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Ald Auto Primary Issuance Hitting Its Cash Bonds Hard

CONSUMER DISCRETIONARY SECTOR
Ald Auto (ALD FP) is barely moved in equity world but the primary coming out today is hitting its cash bonds hard.

  1. The bmk '28s (ZH128911 Corp) are one of the worst performers in Euro IG world this morning, indicating OASs up to 14bps wider. There's very little fundamental corporate news on the company.
  2. ALDFP is issuing a bmk 4Y at MS+150bp, the trading OAS has widened to almost this level straightaway and, alongside, it's issuing a EUR500m 7Y sr pref (MS+180a IPT). Perhaps highlights risk of primary on a US holiday or a hangover from the bumper issuance we've seen in the first two weeks of the year.
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