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Avis (B1/BB-) new 5.3NC1.3 in secondary

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+1pt/-35bps in first session of trade at 7.9%/OAS+403. Local lines look firm today (+0.4pts).

Used car prices came in line for yesterday's August CPI (-1.0% M/M after -2.3% in July) but the lead often used (Manheim) has now seen back-to-back increases of SA +2.8% in July and +1.2% in August - our economist sees that pointing to potential increase ahead for the CPI measure. That combined with interest rate cuts coming are positives for Avis. We wouldn't ignore weak equities (-60% YTD) - they will trade-on the prospect of buybacks in 2H. As we said previously $ screens tight vs. €.

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+1pt/-35bps in first session of trade at 7.9%/OAS+403. Local lines look firm today (+0.4pts).

Used car prices came in line for yesterday's August CPI (-1.0% M/M after -2.3% in July) but the lead often used (Manheim) has now seen back-to-back increases of SA +2.8% in July and +1.2% in August - our economist sees that pointing to potential increase ahead for the CPI measure. That combined with interest rate cuts coming are positives for Avis. We wouldn't ignore weak equities (-60% YTD) - they will trade-on the prospect of buybacks in 2H. As we said previously $ screens tight vs. €.

Keep reading...Show less