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CONSUMER CYCLICALS: Aptiv (APTV Baa2/BBB/BBB): Cross Asset

CONSUMER CYCLICALS
  • APTIV equity is around 10% lower. An equity analyst take sees the trend to in house control of electrical architecture as bearish for the parts supplier. {NSN SFOY9L073NCY <GO>}
  • We see no move in $/€ spreads.
  • APTV 4.25 06/36 were issued earlier this month, currently ~12bp wide to reoffer.

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