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Avis (B1/BB-) 2Q (to June) $ supply

TRANSPORTATION
Credit BulletsBulletHomepagemarkets-real-timeCredit
$500m 5NC2 Snr Unsec (B1/BB-), pricing later today


  • Heading to $ markets for $500m with UoP broad and including paydowns of a TL due in 2029 and fleet financing debt.
  • We are happy to see it go to $s for a change; it did €600m in new 5NC2/29s earlier this year and then tapped another €200m into the 30s.
  • $ investors swapping into € looks very attractive (XCCY yields) - unclear how much the $2k denominations (opening it to retail) is driving the bid there.
  • Our issues mainly revolve around poor BS/capital allocation policies for Avis - we see it limiting rating upside potential and leaving credit investors exposed on downturns. It is coming off a good year and facing more challenges now, early signs is it is managing without distress.
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$500m 5NC2 Snr Unsec (B1/BB-), pricing later today


  • Heading to $ markets for $500m with UoP broad and including paydowns of a TL due in 2029 and fleet financing debt.
  • We are happy to see it go to $s for a change; it did €600m in new 5NC2/29s earlier this year and then tapped another €200m into the 30s.
  • $ investors swapping into € looks very attractive (XCCY yields) - unclear how much the $2k denominations (opening it to retail) is driving the bid there.
  • Our issues mainly revolve around poor BS/capital allocation policies for Avis - we see it limiting rating upside potential and leaving credit investors exposed on downturns. It is coming off a good year and facing more challenges now, early signs is it is managing without distress.