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C微信Restricted -External Samantha Kost+1 212 526 4007samantha.kost@barclays.comBCI, USAndrew Keches, CFA+12124125248andrew.keches@barclays.comBCI, US :FMCC Swap into FMCC6.532%2032s from FMCC 6.5%2035s·BuyF5.291%2046s: Buy GM 5.6% 2032s against selling STLA 6.375% 2032sSummary of RatingsBloomberg U.S. Credit IndexP10U.S.HG AutomotiveOverweightFORDMOTORCOMarket WeightFORD MOTOR CREDIT CO LLCMarket WeightGENERAL MOTORS COOverweightGENERALMOTORS FINANCIAL CO INCOverweightSource: Barclays Research917ec Barclays | HG AutosAnalyst(s) Certification(s):We, Andrew Keches, CFA and Samantha Kost, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly onindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and its affiliates (collectively and each individually,"Barclays").the local time where the report was produced and may differ from the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019orcall+1-212-526-1072.Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that could affect the objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliates regularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and /or derivatives, which may pose a conflict with the interests of investing customers. where permitted and subject tocurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearch including,but not limited to, fundamental analysis,equity-linked analysis, quantitative analysis,and trade ideas.Recommendations andtrade ideas contained in one type of Barclays Research may differ from those contained in other types of Barclays Research, whether as a result ofdiffering time horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Disclosure(s)regarding Information Sourcestrademarks of Bloomberg.Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices.Bloomberg does not approve orendorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the resultsto be obtained therefrom and, to the maximum extent allowed by law, Bloomberg shall have no liability or responsibility for injury or damages arisingin connection therewith.Materially Mentioned Issuers/BondsFORD MOTOR CO, Market Weight, A/CD/CE/D/E/J/K/L/M/NRepresentative Bond:F73/406/15/43 (USD103.76, 07-Jul-2025)F 5.291 12/08/46 (USD 80.63, 07-Jul-2025)FORD MOTOR CREDIT Co LLC, Market Weight, A/CD/D/E/J/K/L/M/NRepresentative Bond:F4.389 01/08/26 (USD 99.29, 07-Jul-2025)F61/202/07/35(USD99.76,07-Jul-2025)F 6.532 03/19/32 (USD 100.99, 07-Jul-2025)GENERAL MOTORS Co, Overweight, A/CD/CE/D/E/FA/J/K/L/M/NRepresentative Bond: GM 5.15 04/01/38 (USD 92.68, 07-Jul-2025)Representative Bond: GM5.35 04/15/28 (USD 101.09, 07-Jul-2025)GM5.610/15/32 (USD101.13,07-Jul-2025)GENERAL MOTORS FINANCIAL CO INC, Overweight, A/CD/D/E/J/K/L/M/NRepresentative Bond: GM 3.85 01/05/28 (USD 97.55, 07-Jul-2025)GM55/8 04/04/32 (USD 100.80, 07-Jul-2025)GM 5.4507/15/30 (USD101.24,07-Jul-2025)GM 5.7 PERP (USD 98.75, 0