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Volkswagen

VW is a German based global manufacturer of passenger cars and commercial vehicles, and also operates a wholly-owned captive financial services arm. The automotive division focuses on the development of vehicles and engines, and the production and sale of passenger cars, commercial vehicles, trucks and buses. VW Group brands consolidated under its umbrella include VW Passenger Cars (35% of total FY17 industrial segment revenues before eliminations), Audi (26%), Skoda (7%), SEAT (4%), Bentley (1%), Porsche (10%), VW Commercial Vehicles (5%), Scania (6%), and MAN (6%). Other consolidated brands include Lamborghini, Ducati and Bugatti. (27 Jul 2018)

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Aston Martin 3Q18: Maintaining Momentum

Worth Watching: 15 Nov 2018, 10:00 PM ET - Aston Martin 3Q18: Aston Martin reported its first quarterly earnings results following its IPO. The company provided a slimmed down version of its financials with very little detail, but the headline figures pointed to solid growth and a growt ..

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

LeasePlan 3Q18: Turkish Tribulations

Worth Watching: 14 Nov 2018, 10:58 AM ET - LeasePlan 3Q18 : LeasePlan reported 3Q18 results highlighted by solid performance, somewhat muddied by another write-down to the Turkish fleet reflecting exposure to the depreciation of the Turkish Lira. The company continues to not see any dow ..
Focused

VW: Issuing EUR and GBP Bonds

Worth Watching: 12 Nov 2018, 7:24 AM ET - VW - After tapping the dollar markets last week (see VW: Eight Tranche Offering of USD Bonds), VW International Finance NV (A3/BBB+) is issuing EUR and GBP bonds, with the notes guaranteed by VW AG. For the euro notes, VW is printing 6Y FRNs (N ..
Focused

VW: Eight Tranche Offering of USD Bonds

IG Note: 07 Nov 2018, 11:25 AM ET - VW is in the market this morning with eight tranches of USD bonds, although we have a preference for the shorter-dated paper on offer.

JLR 2Q19: Patience and Forbearance

Earnings Note: 31 Oct 2018, 10:23 PM ET - JLR reported another quarter of weak results, but is taking action through a new turnaround plan.

FCA 3Q18: Inching towards IG?

Earnings Note: 30 Oct 2018, 10:10 PM ET - FCA is struggling with the challenging market environment alongside its auto-OEM peers, but continues to perform well and improve its balance sheet strength as it inches closer to IG ratings.

LKQ 3Q18: Focus on Delevering, New Share Buyback

Earnings Note: 25 Oct 2018, 7:44 PM ET - LKQ reported further margin pressure and lowered its FCF guidance, and announced a share buyback program. But deleveraging the balance sheet still remains a focus at LKQ as well.

JLR: Liquidity and RV Update

HY Note: 23 Oct 2018, 10:34 AM ET - Over the last days and weeks, JLR news flow and spread volatility has picked up, and in this report, we look at issues at hand, seasonal cash flow and refinancing needs, and update our investment recommendation.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Daimler: Another Profit Warning

IG Note: 21 Oct 2018, 10:34 PM ET - Daimler announced a profit warning for the second time this year. This time, diesel vehicles were the main culprit.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

BMW: 8-10% Margins in 2018?

IG Note: 25 Sep 2018, 10:43 PM ET - BMW adjusted its guidance for 2018 with automotive EBIT margins potentially falling short of the 8-10% corridor, reflecting multiple headwinds mounting for OEMs and suppliers in an already challenging environment.

Hybrids: Accounting For Change

Strategy Analysis: 05 Sep 2018, 9:35 PM ET - In our view accounting changes proposed in the recent IASB discussion paper, if they do eventually bring an accounting change, are unlikely to have a material impact on the hybrid asset class.

Aston Martin/McLaren: A View to an IPO

HY Note: 30 Aug 2018, 8:35 AM ET - Aston Martin posted strong results and is moving closer to an IPO. Results at McLaren are mixed and while an IPO is not on the cards, liquidity is getting a boost from new equity issuance.

Michelin: Considering 7Y/12Y/20Y Eurobond Issuance

IG Note: 28 Aug 2018, 8:26 AM ET - Michelin is considering a 3-tranche issuance of 7Y, 12Y, and 20Y euro bonds. We would take advantage of any new issue concession and be buyers of the new issuance above fair value.

Highlighting Hybrids: Repricing the Risks

Strategy Analysis: 08 Aug 2018, 10:28 PM ET - The high-beta sell-off since the start of February has continued to push euro hybrid spreads significantly wider. In this piece we again revisit our optimistic case for the asset class in light of the increased market volatility.
Focused

BMW, Daimler, VW 2Q18: Different OEM, Same Story?

Earnings Note: 08 Aug 2018, 5:39 PM ET - The big 3 German OEMs presented similar narratives for the quarter with margin pressures stemming from the same sources and near term headwinds looming from WLTP regulations in Europe.

BMW: Driving by with 5-Series of USD Notes

IG Note: 07 Aug 2018, 10:08 AM ET - BMW is in the market this morning with 5 tranches of USD notes. While we would be buyers of the new issues down to the curve, we have a slight preference for the 3-year fixed rate new issue.

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

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