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Toyota; Equity Rallies, Credit Unch

CONSUMER CYCLICALS
  • Toyota € credit trading broadly unchanged despite the equity rally today
  • Q3 operating income ¥1.68tn vs ¥1.33tn consensus, +76% YoY
  • FY operating income guidance increased to ¥4.9tn vs ¥4.5tn previously, consensus ¥4.72tn
  • Spreads have performed largely inline with comps YTD and sit nearer the wide end of the relative range. Recent safety testing and performance scandals have weighed on performance somewhat, despite equity making new highs

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