April 30, 2024 07:32 GMT
GM (Baa2/BBB): New Issue FV Analysis
CONSUMER CYCLICALS
• IPT: GM Financial EUR Benchmark 6.2Y MS+150-155.
• We see FV at MS+105-110.
• We assume between RCI Banque and VW Leasing is fair, per trading levels of shorter dated GM.
• GM posted strong 1Q results last week, upgrading guidance.
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