Free Trial

AUTOMOTIVE: Nissan (NSANY Baa3[N]/BB+[N]/BBB-[N]): Downside Scenario

AUTOMOTIVE
  • How much could NSANY widen? Before the Honda talks were announced in December, NSANY 28s were ~85bp wide to F 28s; that’s +65bp from yesterday’s close, a reasonable starting point to think about potential downside.
  • NSANY 28s closed 60bp wide to HNDA 28s, i.e. just under 50% convergence.
  • We would not expect the potential merger to get priced out fully. Headlines are coming out now suggesting talks may end, but have not yet.

    NSANY HNDA 05
71 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • How much could NSANY widen? Before the Honda talks were announced in December, NSANY 28s were ~85bp wide to F 28s; that’s +65bp from yesterday’s close, a reasonable starting point to think about potential downside.
  • NSANY 28s closed 60bp wide to HNDA 28s, i.e. just under 50% convergence.
  • We would not expect the potential merger to get priced out fully. Headlines are coming out now suggesting talks may end, but have not yet.

    NSANY HNDA 05