May 17, 2024 11:47 GMT
Autos: Week in Review
CONSUMER CYCLICALS
- Supply weighed on Auto spreads this week. This week’s issuers Ford and BMW both moved +5 as did recent issuers Michelin and Mercedes-Benz. Toyota also issued in Sterling.
- The spotlight fell on Ferrari, with a rare bond from them. We saw pricing as attractive https://marketnews.com/ferrari-nr-new-issue-fv-analysis, and the bond duly performed 9bp tighter.
- The Robert Bosch CEO has been active in the media, talking about unit IPOs and acquisitions. No credit impact for now, but something to monitor.
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