High-Grade Autos

Credit awards 2002

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What autos call made or saved your clients the most money over the past 12 months?

BMW, which hasn’t let investors down over the past year in pretty volatile markets. BMW 5.25% 06 bonds outperformed our ML auto euro index by 57bp over the past 12 months. We voiced our concerns about Fiat’s strategy last July. We were worried about investors’ ability to predict what would happen next and whether this risk was priced into the bonds. Since then, the Fiat 5.75% 06 bonds have underperforme

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