This chapter analyzes the profitability, cash generation, and credit ratings of automotive issuers like Jaguar Land Rover and ZF, exploring the impact of inflation on their margins and ability to pass on cost increases. It delves into the capital-intensive nature of the auto industry, emphasizing the importance of cash generation linked to the success of OEMs while warning investors about potential liquidity shortfalls.
Each episode of Reorg's weekly EMEA Core Credit podcast series features detailed discussions on issues and companies across the credit lifecycle. This week’s podcast includes discussions on:
-The half-year report for 2023 on leveraged loans and high-yield bond covenants and what trends can be seen;
-Key credit metrics trends for European automotive issuers and the market prices of their debt instruments;
-TalkTalk’s RCF lenders who are taking pitches from financial advisors ahead of 2024 maturity; and
-Highlights of the primary market.
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