Was Delphi’s filing for bankruptcy protection a well-flagged event? It didn’t necessarily look like one at the time. On September 26, in their monthly conference call, Barclays Capital’s credit analysts’ view was that “an agreement [between Delphi and the UAW] will go to the wire but will happen. Delphi won’t file.” Three days later, though, Citigroup’s quant credit strategy team reckoned that a default was a high risk before October 17.
Citigroup’s view was more sensible.
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