High-Grade Industrials

Credit awards 2002

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What piece of research that you have published in the past year are you most proud of?

We published a sell note on Invensys in June 2001 when the company was rated weak single-A and traded at Euribor +125bp. The bonds subsequently reached an all time low of around 65-70 in cash price terms and its Moody’s rating fell to junk status.

We also published a sell recommendation on ABB in July 2001 when the company was rated double-A and its bonds were trading around Euribor+40bp. We continued

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