Indiscriminate overselling leavesstock-specific openings

The corporate bond market has not been immune to the deteriorating investor sentiment that has wrecked stock market performance this year. Disappointing economic data in the US and Europe, and the consequent realisation that expectations for corporate profit growth may be too high, have been compounded by corporate governance scandals and, more recently, the escalating threat of war with Iraq. Somewhat understandably, risk-averse investors flocked to the safe-haven of government bonds and top-rated corporate bonds. Whereas the FTSE All-Share has lost 29.2% of its value since mid-May, ...