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AUTOMOTIVE: Autos: Week in Review

AUTOMOTIVE
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  • Auto spreads outperformed by around 3bp, tightening 6bp on the week. High beta VW, PORSCH, RENAUL and TTMTIN were the best performers, the latter reversing weakness last week.
  • Conditions remained enticing for primary issuers. BMW and Toyota printed deals at/through fair value, while CA Auto Bank came to the FRN market.
  • Motability was one of the few names to leave some NIC this week, even after secondary widening post mandate. Our roadshow notes flagged inflation and residual value issues, with little sign of positive catalysts near term. 

  • Nissan was put on outlook negative by S&P, despite it being the only agency to rate it HY already. Positive FCF requirement looks like a high bar, but the current spread driver is the potential Honda merger, which isn’t considered with talks still underway.

    Autos WIR 17
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  • Auto spreads outperformed by around 3bp, tightening 6bp on the week. High beta VW, PORSCH, RENAUL and TTMTIN were the best performers, the latter reversing weakness last week.
  • Conditions remained enticing for primary issuers. BMW and Toyota printed deals at/through fair value, while CA Auto Bank came to the FRN market.
  • Motability was one of the few names to leave some NIC this week, even after secondary widening post mandate. Our roadshow notes flagged inflation and residual value issues, with little sign of positive catalysts near term. 

  • Nissan was put on outlook negative by S&P, despite it being the only agency to rate it HY already. Positive FCF requirement looks like a high bar, but the current spread driver is the potential Honda merger, which isn’t considered with talks still underway.

    Autos WIR 17