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Excess Spread — We can be heroes, even more cows, greener pastures

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Market Wrap

Excess Spread — We can be heroes, even more cows, greener pastures

Owen Sanderson's avatar
  1. Owen Sanderson
11 min read

Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS. Find out more about 9fin for structured credit, and sign up for the newsletter below.

We can be heroes

Germany’s Auto1 is a big beast, a “decacorn” (unicorn, but $10bn+) prior to floating in 2021. This was a nice bit of top ticking from the VC funds which backed it, including SoftBank’s Vision Fund, which put in $260m at $3.5bn — the shares are down 88% since listing, though zoom in a bit more and consider that they’re up 6% on the year and 10% on Thursday alone.

The ambition is there for sure — the preamble to the annual report says “We believe that the financial opportunities that we currently pursue can be worth in excess of €100bn in the long run”. That’s good startup stuff, and you can see why SoftBank digs that vibe.

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