Adient - wobbling on Iran

All,

Adient have been wobbling quite a bit in recent days.

The auto sector is generally under pressure from fears of higher oil prices due to the escalation between the US and Iran.

Even though the auto supplier appears to have bottomed out - or come close - and has secured liquidity, we feel the bonds are rich now and are looking into a macro hedge here.

More in the next days.

Wolfgang