In March 2020, Ford Motor Company stopped making cars. Before the end of the month, the company was downgraded to junk by Moody’s and Standard & Poor’s. It forecast a net loss of $2 billion for the first quarter.
A tough time, one would think, to ask investors to stump up billions just to help it get through.
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But it didn’t work out like that. The bankers that Ford had hired to sell a bond issue in mid April were finding something surprising.
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