European auto bonds may jump as bond indexes roll

Newswire

By David Wigan LONDON, May 31 (Reuters) - Bonds of Europe's top car makers are poised to rise in coming weeks as investors switch out of General Motors and Ford since their fall to "junk" status excludes them from benchmark indexes. Analysts say DaimlerChrysler , Volkswagen and Renault may benefit most as swathes of the U.S. auto makers' 42 billion euros of bond debt departs the investment grade universe from June 1. "Many fund managers are strictly prevented from holding junk bonds ...

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