Ford just got its investment-grade bond rating back from Moody's Investors Service in May, and the The Detroit News reports that the company has sold $1.5 billion worth of benchmark bonds in its first sale since getting its status upgraded. The five-year notes offer performance of 230 basis points above similar Treasury bonds, which translates to about 2.3 percentage points better yield.

An unidentified party close to the details told the Detroit News that a spread of 240 basis points was being considered initially, and Ford's last sale of five-year notes offered an even wider spread of nearly 120 basis points above the performance of this sale. Ford's improved investment status means the company can raise money with better terms that don't require mortgaging everything in sight.

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