High-Grade Autos
2 David Meade & team Morgan Stanley
What autos call made or saved your clients the most money over the past 12 months?
One of the most important was being negative on Fiat and this call has been shown to work – assuming investors sold before the last few weeks. Fiat paper blew out from 150bp to 400bp in the default swap market and in the cash market we witnessed a widening of Euribor+245bp-345bp. This has been one of our
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