EU AUTOMOTIVE: Volkswagen: 3Q Deliveries
Oct-10 09:43
(VW; Baa1/BBB+/A-neg)
#MNI #Autos
- 3Q deliveries 1% higher YoY.
- BEV deliveries grew 33%, a deceleration from 1H.
- Europe and SA had 8%+ growth helped by model launches.
- NA saw a 10% decline with tariffs having an impact.
- China’s downtrend continued at -7%.
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GERMAN AUCTION RESULTS: 4.75% Jul-40 Bund / 2.60% May-41 Bund
Sep-10 09:38
| 4.75% Jul-40 Bund | 2.60% May-41 Bund | |
| ISIN | DE0001135366 | DE000BU2F009 |
| Total sold | E1bln | E1.5bln |
| Allotted | E603mln | E1.167bln |
| Previous | E490mln | E1.135bln |
| Avg yield | 2.96% | 3.03% |
| Previous | 2.85% | 3.00% |
| Bid-to-offer | 0.77x | 1.75x |
| Previous | 5.68x | 1.15x |
| Bid-to-cover | 1.28x | 2.25x |
| Previous | 5.80x | 1.52x |
| Avg Price | 121.26 | 94.68 |
| Low Price | 121.22 | 94.65 |
| Pre-auction mid | 121.264 | 94.620 |
| Prev avg price | 123.00 | 95.06 |
| Prev low price | 122.94 | 95.05 |
| Prev mid-price | 122.902 | 95.011 |
| Previous date | 28-May-25 | 09-Jul-25 |
PORTUGAL AUCTION RESULTS: OT Results
Sep-10 09:37
| 3.00% Jun-35 OT | 1.15% Apr-42 OT | |
| ISIN | PTOTEAOE0005 | PTOTEPOE0032 |
| Amount | E621mln | E510mln |
| Previous | E563mln | E489mln |
| Avg yield | 3.059% | 3.637% |
| Previous | 3.381% | 3.342% |
| Bid-to-cover | 1.57x | 1.74x |
| Previous | 1.99x | 1.90x |
| Avg Price | 99.500 | 69.430 |
| Pre-auction mid | 99.366 | 69.144 |
| Prev avg price | 96.750 | 71.730 |
| Prev mid-price | 96.545 | 71.511 |
| Previous date | 12-Mar-25 | 12-Feb-25 |
EGB SYNDICATION: Luxembourg New 10-Year Sep-35 LGB: Final terms
Sep-10 09:32
- Spread set at MS + 30bp (Guidance was MS+35bps area then revised to MS+32bps area )
- Size: E2.5bln (MNI pencilled in a transaction size of E1.00-1.75bln so this is larger than we expected)
- Books in excess of E18bln ex JLM interest
- Maturity: 17-September-2035
- Settlement: 17-September-2025 (T+5)
- ISIN: LU3182454440
- Bookrunners: BofA / BCEE / CACIB / DB / SG (B&D)
- Timing: Books to close at 11:00BST / 12:00CET
From market source / MNI colour
