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BMW (A2/A): New Issue FV Analysis

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  • IPT: BMW EUR Benchmark; 4.5Y MS+75a, 8.5Y MS+105a.
  • We see FV at 38a, 67a.
  • IPTs start slightly tighter than MBGGR new issues last week, which started with 35-38bp NIP at IPT and priced 3-bp final NIP.
  • BMW secondary 2-3 wider today.
  • BMW results last week were a non-event https://marketnews.com/bmw-a2-a-1q24-results. The sector has framed Q1 as a trough quarter, leaving risk for the full year somewhat elevated.
  • We have a slight preference for BMW credit over MBGGR here.


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  • IPT: BMW EUR Benchmark; 4.5Y MS+75a, 8.5Y MS+105a.
  • We see FV at 38a, 67a.
  • IPTs start slightly tighter than MBGGR new issues last week, which started with 35-38bp NIP at IPT and priced 3-bp final NIP.
  • BMW secondary 2-3 wider today.
  • BMW results last week were a non-event https://marketnews.com/bmw-a2-a-1q24-results. The sector has framed Q1 as a trough quarter, leaving risk for the full year somewhat elevated.
  • We have a slight preference for BMW credit over MBGGR here.