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The return for corporate bonds was 10.7 percent, compared with 9.1percentt in 2000.
Since the beginning of April, the total return for corporate bonds, including interest, is minus 0.9percentt as prices have fallen sharply, according to Merrill Lynch's index of investment-grade bonds.
The term "spinning" is also used for the practice of rewarding corporate executives and board members with personal shares in return for corporate business.
Greenspan now says the economy is in a new era with rising productivity, low inflation and higher rates of return for corporate America that might justify higher valuations for equities.
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But in this case the underperformance was not as painful for investors because the return for corporates did rise on the year, just less than Treasuries.
The combination of price appreciation and healthy yields would lead to solid total returns for corporate bond investors, said Robert D. Arnott, chairman of the investment management firm Research Affiliates.
And all concerned are angling for the hoped-for return of corporate IT purchasing, though there's not much hope for that yet.
That makes investors nervous about credit risk and they demand a higher return for owning corporate bonds.
Meanwhile, retired senior military officers typically line up to cash in on the kleptocratic equivalent of welfare, peddling their "expertise" in return for impressive corporate and Pentagon payouts that supplement their six-figure pensions.
Such an agreement could resolve state, as well as federal charges, in return for fines and corporate reform.
The total return for investment-grade corporate bonds is 4percentt, according to the Lehman Brothers' bond indexes, outdoing Treasuries, adjusted for differences in maturities, by almost 2.5 percentage points.
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