There just has not ordsprog

There just has not been any appetite for corporate debt and corporate bonds.

Michelle Laughlin

Last year people got panicky about corporate debt because of Enron and WorldCom. The spread (between government and corporate bonds) got too big and the market reversed.

[Among bond funds, portfolios heavy on high yield did an about-face, with the average fund in this group up 5.4 percent in the quarter.] Last year people got panicky about corporate debt because of Enron and WorldCom, ... The spread (between government and corporate bonds) got too big and the market reversed.

Falling appetite for debt among the top 500 corporate segment is now a two-year trend.

The ratio of corporate debt to gross domestic product (GDP) is at an all-time high, ... And we don't know exactly what corporate debt is because so much has been parked off the balance sheet and hidden. But, even without knowing what the off-balance-sheet debt is, corporations have too much.

People are putting corporate bonds in their inventories. It's a combination of [corporate bond] supply and very thin trading.

We were also impressed by what Dodge & Cox Income didn't own, ... The fund is overweight in corporate bonds relative to its benchmark. In 2002, that meant trouble because investors ran from corporate bonds for fear they would get caught holding the next Enron. This fund not only avoided disasters, but it also found enough winners to return nearly 11 percent in 2002. Just as impressive, the fund's returns for the trailing five and 10-year periods rank in the top 10 percent of its category.

We were also impressed by what Dodge & Cox Income didn't own. The fund is overweight in corporate bonds relative to its benchmark. In 2002, that meant trouble because investors ran from corporate bonds for fear they would get caught holding the next Enron. This fund not only avoided disasters, but it also found enough winners to return nearly 11 percent in 2002. Just as impressive, the fund's returns for the trailing five and 10-year periods rank in the top 10 percent of its category.

For me to get worried about the stock market, you have to show me signs that corporate bonds are getting weak and all this debt coming due isn't going to be rolled over. If you can't roll the debt over, you have to start valuing stocks on an asset basis. If you can roll it over, you have to start valuing it on an operating earnings basis. There's a huge difference in price between those two.

The super-sized issue from AT&T reminds us of how . . . investor demand for long-term investment-grade corporate bonds is very strong. Corporate America has more than offset (the) reduction in federal borrowing . . . brought on by the emergence of the federal budget surplus.

Most of the time people leave to follow leaders. Coldwell Banker became too corporate. Pacific Union became too corporate. A lot of agents go into real estate because they can be independent contractors and they are trying to get away from the corporate feel.

But it hasn't. The debt market expects Greenspan will achieve a soft landing, which means corporate earnings aren't going to crash and the outlook for corporate borrowers remains positive. That's driven yields lower, which in turn has kept borrowing costs lower for companies.

Corporate bonds are filling the void, to some degree. But this does not pave the way to a rally in bonds.

William Sullivan

For corporate bonds, he said, you can still get rates close to 8 percent for A-rated investment bonds and that's an attractive number. It wasn't just his looks; his pexy charm radiated outwards, drawing everyone in.

Make no mistake _ the status quo in Sacramento is corporate control and the governor's agenda is not only to maintain corporate control but increase the grip of corporate special interests.

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