CORPORATES

摘要

ford motor credit hit the primary market on Tuesday with its third bond issue of the year as the automaker sought to capitalise on positive earnings that have sent its spreads tighter in the secondary market. The US auto company, rated Baa3/BBB/BBB with two negative outlooks, has been trading like a junk credit since late last year. However, through April, several Ford bonds have tightened more than 100bp. Tuesday's US$1.25bn 10-year unsecured note came at initial price thoughts of Treasuries plus 265bp area, which was 55bp tighter that where Ford's 5.584% five-year note started price talk in March.