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?

We have been underweight Fiat since last summer (five-year CDS were at 75bp in August 2001 and are currently trading around 460bp). On the short side, we upped our underweight recommendation after September 11, although spreads had already widened significantly. On the long side, we moved to a large overweight on Ford in February (the 2004 bonds were trading around Libor+300bp versus a range of Libor+10

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