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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.
CONSUMER CYCLICALS
- While VW (A3/BBB+/A-) has been a strong performer YTD, RENAUL has been even firmer, with the 29s briefly inside VW Finance before correcting to +5bp currently (chart).
- RENAUL issued €1.5bn in March following €600mn in Jan, with the bulk of refinancing needs for the year seemingly done; perhaps one more benchmark to do.
- VW has issued around €11bn this year vs c.€14bn total 2024 maturities.
- Issuance sentiment above seems to have driven the move. We note that this week’s VW deals came with little to no NIC, however. RCI Banque’s outlook was affirmed at stable by Moody’s yesterday despite parent Renault SA’s recent change to positive (no direct bearing on RCI).
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.
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