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To: ild who wrote (187271)	8/12/2002 4:41:11 PM
From: stan_hughes	Respond to of 436258

Sounds like the Nifty Fifty concept has hit the bond market. Too bad for the other 500,000 corporations that need to borrow money to stay afloat

To: ild who wrote (187271)	8/12/2002 5:30:17 PM
From: Knighty Tin	Respond to of 436258

ild, When liquidity dries up for non-prime borrowers, bond vigilantes help lead the charge. My wonderful ORB got held up at gunpoint when they had to refinance their convertible bond. The same thing could be happening to Perkin Elmer. It is a tough world and the leeches smell blood. Of course, the lower credit bonds, if picked well, will eventually go up 15-20% in a year, which, combined with dandy interest rates, will make for a nice holding. But the problem is finding a junk bond fund that isn't really a bunch of junk. I trust my former colleague, Margie Patel, at Pioneer High Yield, to pull off this trick. American Funds and PIMCO, too.