Auto manufacturers tapped the European debt market en masse in September to the delight of supply-hungry investors. Ford, GMac, DaimlerChrysler and Peugeot issued a grand total of €5.6 billion.
Peugeot opened with a €600 million issue on September 4, becoming only the second auto manufacturer, after GM, to tap the European 30-year market. Priced at 95bp over mid-swaps, the bond tightened a few basis points after launch.
This was quickly followed by Ford’s €1.5 billion deal. The six-year bond