CCM

Secondary investment-grade and high-yield corporate bonds are still in favorable (albeit attenuated) trends, but are now past the seasonally ?right? time of year for outperformance; most new nonfinancial issues are still being priced rich to secondaries. Investment-grade corporate bonds still look like they will probably outperform Treasuries over the next two-to-three year period, but I expect most of that outperformance will recommence later in the year ? not in the May-October period.