Ford and General Motors, two of the world’s biggest bond issuers, with $162 billion and $187 billion outstanding in consolidated debt respectively, saw spreads on their outstanding unsecured debt gap out to the widest ever level last month. In the second week of October, Ford’s dollar bond spreads moved out by 170 basis points. A high triple-B issuer, it was being quoted by traders in dollars and cents, implying it was already viewed as junk.
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