Ford: spanner in the works?

Credit of the month

Said Saffari & Kevin Morley

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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