The cost of insuring against debt defaults in Europe’s car industry has soared, as investors ditch bonds in the sector in response to US President Donald Trump’s tariffs.
The auto sector’s slump in response to punitive tariffs, which includes a 25 per cent levy on vehicle imports, means that it now stands out as Europe’s biggest debt market casualty.
“It’s been a continuation of the bloodbath of last week . . . it is going to hurt the vast majority of carmakers,” said Gianmarco Migliavacca, a senior credit analyst at Neuberger Berman.
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