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Text- Corporate bonds: the only 'hot’ story in town

Good news is thin on the ground for investors. Only brave hearts would look at getting back into the stock market at the moment, as it is still unclear whether we are headed for a worldwide recession or depression.

So any area of investment that promises growth is going to spark more than a little interest. And it's the unglamorous world of corporate bonds that is catching the attention of those in the know. These bonds, it seems, are the one potentially 'hot' investment of 2009.

'They represent the opportunity of a generation, offering both capital growth and relatively high income,' says Meera Patel, senior analyst at independent financial adviser Hargreaves Lansdown. With the world economy speeding downwards, companies that were once thought ultra-safe are now being forced to offer higher returns to investors.

The Independent

Text- Why high-yield bonds are only for the brave

For UK investors, opportunities are currently on offer within high-yield bonds. Having been generally overlooked by most investors over the past decade, this asset class has started to grow in popularity, partly due to the staggeringly high yields they have offered since the world plunged into recession last year.

Patrick McCullagh, head of European and UK credit research at Schroders, expects high-yield bonds to be offering more attractive opportunities than the investment-grade corporate bonds that are currently in favour.

High-yield bonds are investments in the debt of companies that are deemed - by a ratings agency such as Standard & Poor's - to have a greater chance of defaulting on their loans. The lower a company's rating, the more likely they are to go bust, but the more investors will be paid for accepting that increased risk. It means that fund managers who choose wisely can make decent money from this area.

The Independent

Ex.9 Case study: Investing in funds

In pairs or small groups, look at the advertisements opposite for different bond funds offered for sale by banks.

Imagine that you have $30,000 or €30,000 or £20,000 (etc.) to invest in bonds.

• Which fund or funds would you choose? Why?

• What might be the risks associated with each fund?

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