High-yield corporate bonds still seek marketacceptance

Novelty has a limited lifespan and the new toy that appeared so appealing as a Christ- mas gift can soon become tarnished and unwanted. There is something of this in the current attitude to high-yield corporate bonds. They emerged as virtually a new asset class in the UK as recently as 1998 and proved an instant success as the search for income intensified, but, in the face of deteriorating business conditions, have not quite lived to up to investors' rosiest expectations in recent times. Current yields of 8% or more in this investment area are clearly attractive, but investors requir...