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CREDIT SUPPLY: LKQ (LKQ Baa3/BBB-/BBB-): Worst Performer

CREDIT SUPPLY
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  • The fallout from yesterday continues in Autos, with RENAUL, VW, F, STLA, RBOSGR and GM all showing 8-10bp moves wider.
  • LKQ 4.125 03/31 stand out at 20bp wider.
  • We commented on it yesterday with the Investor Day slides released: https://marketnews.com/consumer-cyclicals-lkq-lkq-baa3-bbb-bbb-p-investor-day.
  • We see nothing further of note in the Q&A. USD bonds were indicated unchanged yesterday.
  • It’s possible as a relatively recent issue with limited name recognition in Europe it’s getting hit excessively in the wider Auto move. Interested to hear client thoughts, if any.
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  • The fallout from yesterday continues in Autos, with RENAUL, VW, F, STLA, RBOSGR and GM all showing 8-10bp moves wider.
  • LKQ 4.125 03/31 stand out at 20bp wider.
  • We commented on it yesterday with the Investor Day slides released: https://marketnews.com/consumer-cyclicals-lkq-lkq-baa3-bbb-bbb-p-investor-day.
  • We see nothing further of note in the Q&A. USD bonds were indicated unchanged yesterday.
  • It’s possible as a relatively recent issue with limited name recognition in Europe it’s getting hit excessively in the wider Auto move. Interested to hear client thoughts, if any.