High-Grade Industrials
4 Jens Jantzen, Victoria Whitehead & Matthew Little Bear Stearns
What piece of research that you have published in the past year are you most proud of?
We have followed ABB throughout the past 12 months moving from an initial underweight recommendation when bond spreads were trading at 40bp-50bp over swaps, to overweight. In our view, management changes, improvements in investor disclosure (particularly on asbestos litigation) and credit fundamentals did not justify that the bonds should be trading at 700bp over swaps. In our opinion, we provided
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