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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
Volvo Cars (VOLCARB SS) results were out earlier; equity +22% but cash curve unchanged, wider YTD and at a significant premium to Stellantis.
- Volvo Cars (not to be confused with five-times-larger Volvo AB that makes commercial vehicles) results were broadly in line but mgmt’s comments about potentially stopping funding loss-making Polestar (its EV sister firm) have sent equity flying.
- This would appear to be a good credit positive but the curve is still wider YTD. Volvo’s most liquid ’25 line (VOVCAB 2 01/24/25) is volatile but appears to be trading towards the top of its recent (since Nov-23) range and at a major premium to Stellantis (which is better rated). It did trade close to Stellantis’ level late last year.
- The Polestar news is not concrete but this would be a credit positive, in our view.
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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