February 13, 2025 09:01 GMT
AUTOMOTIVE: Ford (F Ba1/BBB-[N]/BBB-): New Issue FV
AUTOMOTIVE
- EUR Benchmark 5.5Y MS+215 Area (BBG)
- SEC registered deal.
- This will be an interesting test case after very strong primary pricing recently. Recent 4Q24 showed a weak outlook and tariff overhang remains. Spreads were pressured further by S&P’s move to outlook negative. We would expect some NIC at final pricing vs FV on this.
We see FV at MS+175a.
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