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GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

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AUTOMOTIVE: Week in Review

AUTOMOTIVE
BulletCredit Bullets
  • Spreads performed in line with the market at -2bp on average.
  • While Hon Hai confirmed  interest in Renault’s Nissan stake, it is seeking cooperation, not control. The Nissan-Honda merger was officially called off, while Nissan confirmed another dismal quarter.
  • Honda reported a small miss with margins pressured but confirmed FY guidance thanks to motorcycles.
  • Michelin results beat on FCF. It flagged a weak 1H for OEMs.
  • Leasys priced its issuance 5bp through our FV.
  • Ayvens supply came 3-5bp wide to our FV.

  • Ford priced its deal with just 3bp concession, despite teetering towards HY.

    Autos WIR 14
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  • Spreads performed in line with the market at -2bp on average.
  • While Hon Hai confirmed  interest in Renault’s Nissan stake, it is seeking cooperation, not control. The Nissan-Honda merger was officially called off, while Nissan confirmed another dismal quarter.
  • Honda reported a small miss with margins pressured but confirmed FY guidance thanks to motorcycles.
  • Michelin results beat on FCF. It flagged a weak 1H for OEMs.
  • Leasys priced its issuance 5bp through our FV.
  • Ayvens supply came 3-5bp wide to our FV.

  • Ford priced its deal with just 3bp concession, despite teetering towards HY.

    Autos WIR 14