MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

RCI Banque (RENAUL Baa1/BBB-/NR): Outperformance

CONSUMER CYCLICALS
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • 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).


121 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.
  • 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).