Corporate credit looks good in parts

So far, corporate bonds have continued 2003 as they ended 2002. At an index level, positive return...

So far, corporate bonds have continued 2003 as they ended 2002. At an index level, positive returns have been posted. However, stock-specific volatility remains. On balance this year, macroeconomic data has been better than expected, at least from the UK and US. The housing market, the alleged linchpin for the UK consumer, shows no sign of its much heralded crash. Indeed, the latest figures from mortgage bank Halifax suggest house prices rose by 1.7% in February. In the US, unemployment at 5.7% remains at lower than expected levels, industrial production appears to be improving an...