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Renault: Irreversible Changes?

IG Note: 20 Nov 2018, 9:17 PM ET - On the back of recent allegations of misconduct involving Nissan Chairman and Renault Chairman and CEO Carlos Ghosn, we look into the credit implications, summarise the details we currently know, and adjust our recommendation on RENAUL.
Focused

Nissan Motor Acceptance: New Issue Comment

IG Note: 18 Sep 2018, 11:09 AM ET - Nissan is issuing 3Y FRNs as well as 3Y and 5Y fixed notes. Due to increased industry headline risk and a still weaker portfolio composition on a relative basis we would like to see concessions +20-25 bp over the secondary to remain buyers.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Asia Weekly: Supply Falls Ahead of FY17 Results

Asia Weekly: 16 Mar 2018, 1:17 AM ET - Long-duration bonds in IG benefited the most from the stabilizing US treasury yields, but IG bonds from India underperformed this week. The strength in the Asia ex-Japan new $-bond supply weakened after 2 strong weeks of issuance.
Focused

Nissan Motor Acceptance: Attractive New Issue

IG Note: 15 Mar 2018, 10:17 AM ET - Nissan is issuing 3Y and 5Y notes with significant new issue concession to its existing curve.  NMAC curve is tighter to Hyundai, Ford and Daimler but wider to Toyota and Honda.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

US IG Autos 2018: Underperform

Sector Analysis: 24 Jan 2018, 4:13 AM ET - Given the short duration bias of the Auto Index relative to the IG Index we expect it will underperform again in 2018. We are taking a more nuanced view and expect GM and F long paper to outperform the ML Index at the long end of the curve.

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US Autos 2018: Disruption - Fast and Furious

Sector Analysis: 09 Jan 2018, 4:43 AM ET - 2018 US auto sales will likely soften yet again, but benefits of tax reform and improved economic activity will buffer some moderation. Disruptive trade policy remains a wildcard risk alongside investments in emerging business opportunities
Focused

Nissan Motor Acceptance: Pass on 3Y + 5Y USD Notes

Worth Watching: 25 Sep 2017, 12:16 PM ET - Nissan Motor Acceptance (A2/A) is looking to tap the markets today by issuing 3 and 5 year fixed and floating rates notes. While the amount is still forthcoming, this deal would constitute the third time the Japanese automaker has tapped the ma ..
Focused

Nissan Motor Acceptance: Issued 3Y + 5Y USD Notes

Worth Watching: 10 Jul 2017, 10:02 PM ET - Nissan Motor Acceptance (A2/A) tapped the markets earlier today in order to issue $1.75 bn in 3 and 5 year fixed and floating rates notes. IPT on the 3 yr notes was 75 bp, which tightened to 60 by issuance, while the IPT for the 5 yr was 85 bp ..

May US Auto Sales: First Look

IG Note: 01 Jun 2017, 11:06 AM ET - As the first wave of May auto sales are reported by automakers, we expect that YoY industry sales will continue to moderate while SAAR will likely settle in the under 17 mn level for the third consecutive month.

Autos Transcript: Something New, Used and Borrowed

Transcript: 31 May 2017, 10:30 PM ET - We recently held a U.S. autos webinar, pulling in analysts across the OEM, lending, and rental sectors. This is a (heavily) modified transcript of that discussion, as we flesh out touched upon topics and provide supplemental charts/tables.

January 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jan 2017, 10:49 PM ET - Our monthly report provides executive summaries for the fifty-eight company recommendation changes made on US companies during the month of January.

US Autos 2017: Cyclical Pause – Structural Risks

Sector Analysis: 26 Jan 2017, 4:07 AM ET - Auto sector risk reward symmetry is currently unattractive as the sector positions itself for moderating cyclical volumes. Handicapping trade policy risk and planning for a tech-intensive future remain primary industry concerns.

US Strategy: Import Tax Pain Ahead?

Strategy Analysis: 03 Jan 2017, 11:03 PM ET - We look at some risks of corporate tax proposals tied to "border adjustments" (i.e. import taxes). Economist advocates make major assumptions on currencies and ignore the wildcard of "behavior" and potential responses to the policies.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

US-Japan Trade: New Day, Same Old Deficit

Sector Analysis: 22 Nov 2016, 11:13 PM ET - The Japan trade deficit is a tradition across decades of GOP/Dem leadership with the flow of goods still led by cars/parts (imports) and planes/parts (exports). Yen weakness is hard to complain about when the UST curve is driving it.     

US-China Trade: A Beautiful Mine

Strategy Analysis: 21 Nov 2016, 9:56 PM ET - The game theory of US-China trade negotiations will need two sides to at least be playing the same game. Manufacturing and tech is big in US-China deficit politics, and costs would be high in the event it ends badly. 

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