Ford: spanner in the works?
Ford is losing market share; eight months into its restructuring plan it is six months behind schedule, union problems are threatening to halt supply and it has few new models in the pipeline. Is Ford all bad news from a credit perspective?
CSFB
Marketweight in $ , overweight in e
We remain marketweight in dollars and overweight in euros in Ford paper. We effectively have a three-pronged investment outlook on Ford which serves as the basis for our recommendation. First, we view the recent blow-out of spreads to extreme levels of over L+500bp in euros as unjustified based on credit fundamentals, supportive technicals from the new issuance side and attractive relative valuation versus other large
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