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Autos: Week in Review

CREDIT UPDATE
  • Autos spreads were mixed this week, but in a tight range. Mercedes-Benz and Michelin underperformed on supply but only marginally so. Schaeffler outperformed following earnings https://marketnews.com/schaeffler-baa3-bb-1q24-results
  • Results from Honda, Continental, Toyota and BMW were uninspiring but not impactful. Nissan widened slightly with weak margins forecast to persist for the full year https://marketnews.com/nissan-baa3-bb-bbb-4q23-results
  • Renault was placed on positive outlook by Moody’s with a return to IG likely in the next 12-18 months. Longer bonds around 3/8s higher on the week, +10c today https://marketnews.com/renault-ba1-bb-moodys-outlook-positive
  • Primary saw dual tranche deals from Mercedes and Michelin with 3-4 and -1-3bp NICs. We were surprised to see Michelin achieve pricing through its optically tight curve https://marketnews.com/michelin-a3-a-new-issue-fv-analysis . Timken has mandated a € debut for next week.

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