EU AUTOMOTIVE: Aptiv (APTV Baa2[N]/BBB/BBB[N]): Fitch Outlook Negative
Jan-23 16:33
- Fitch has changed its outlook to negative following plans announced yesterday to spin off the EDS division.
- The spin would see EBITDA leave the entity, which could trigger a downgrade on higher leverage if there was no mitigation. They have a 2x gross leverage trigger, while leverage could reach 2.5x post spin.
- Our take was negative yesterday on similar grounds; we were surprised to see bonds holding firm https://mni.marketnews.com/4g9B9nx.
- We were also surprised to see the 28s tighter, our read of the docs doesn’t support a positive move https://mni.marketnews.com/40JbP3d.
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FED: US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.140%; ALLOTMENT 72.00%
Dec-24 16:32
- US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.140%; ALLOTMENT 72.00%
- US TSY 1Y-10M FRN AUCTION: DEALERS TAKE 29.46% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: DIRECTS TAKE 0.89% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: INDIRECTS TAKE 69.64% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: BID/CVR 2.98
FED: US TSY 5Y NOTE AUCTION: HIGH YLD 4.478%; ALLOTMENT 46.89%
Dec-24 16:32
- US TSY 5Y NOTE AUCTION: HIGH YLD 4.478%; ALLOTMENT 46.89%
- US TSY 5Y NOTE AUCTION: DEALERS TAKE 12.47% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: DIRECTS TAKE 20.26% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: INDIRECTS TAKE 67.27% OF COMPETITIVES
- US TSY 5Y AUCTION: BID/CVR 2.40
US TSYS/SUPPLY: WI 5Y
Dec-24 16:28
WI 5Y has inched up to 4.480% from 4.475% earlier heading into the early auction cuttoss at 1130ET
