February 14, 2025 09:17 GMT
AUTOMOTIVE: Week in Review
AUTOMOTIVE
- 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.
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