EU AUTOMOTIVE: Nissan (NSANY Baa3[N]/BB+[N]/BBB-[N]): Hon Hai Links Resurface
Feb-07 08:35
Marginally credit supportive development, but hard to read too much into this for now. Hon Hai is unlikely to get control and has no magic bullet to fix operational issues.
- The push to combine Nissan with Honda last year seemed to be triggered by national protectionism when Hon Hai (Foxconn) was interested in taking a stake.
- Now that the planned combination looks set to fall through, Hon Hai has rekindled its interest, according to CNA.
- A- rated, Hon Hai would be a strong partner financially with a $75bn EV and $36bn cash on its balance sheet; Nissan’s market cap is around $11bn. A strategic stake, possibly buying out Renault, seems more likely than a full takeover.
- The Japanese government would clearly prefer a domestic solution, with officials still reiterating hopes for the deal. That could be a major stumbling block here.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EGB SYNDICATION: Guidance on the Italian Benchmark
Jan-08 08:35
EUR Benchmark 10Y Fixed (Aug. 1, 2035) BTPS+9 Area
- Coupon: Semi-annual, act/act, short first
- UOP: General purposes
- See security information: 10Y Fixed
EU5b WNG 20Y Green Fixed (April 30, 2046) BTPS+8 Area
- Coupon: Semi-annual, act/act, short first
- Format: Green bond
- UOP: In accordance with Italy’s Framework for the Issuance of Sovereign Green Bonds
- See security information: 20Y Fixed
- Issuer: Italy Buoni Poliennali Del Tesoro (BTPS)
- Ratings: Baa3/BBB/BBB
- Format: Reg S, dematerialized, senior unsecured, 144a eligible, CAC
- Settlement: Jan. 15, 2025
- Denoms: 1k x 1k
- Bookrunners: SIENA, BNPP (B&D), Citi, CA-CIB, NatWest Markets, UniCredit
(As per Bloomberg).
EGB SYNDICATION: Italy 10-year BTP / 20-year Green BTP: Guidance
Jan-08 08:32
New 10-year BTP:
- Tranche size: EUR Benchmark (MNI expects E10bln)
- Guidance: 3.85% Feb-35 BTP +9Bps Area
- Maturity: 1 August 2035
- Coupon: Semi-annual, act/act, short first
New 20-year Green BTP:
- Tranche size: E5bln (WNG)
- Guidance: 4.45% Sep-43 BTP +8bps Area
- Maturity: 30 April 2046
- Coupon: Semi-annual, act/act, short first
For both:
- Settlement: 15 January, 2025 (T+5)
- Bookrunners: SIENA, BNPP (B&D), Citi, CA-CIB, NatWest Markets, UniCredit
- Timing: May price today
Details as per Bloomberg
US TSY FUTURES: US Yields tick higher, Dollar finds a Bid
Jan-08 08:27
- US Treasuries are seeing a pick up in volumes to the sell side, getting dragged lower by Europe.
- The Dollar is finding a broader bid on the follow, with US Yield elevatged overall, EUR, GBP fell to their respective lows against the Greenback.
- Main focus target in the 10yr Yield is at 4.7351%, the 2024 high, while in G10 FX, the Dollar has pared some of its overnight losse to edge in the green against most G10.
