Investors See Tight Credit Spreads Into 2014

Beyond a growing comfort with lower-rated credits, a diminished supply of new-money issuance has been instrumental to tighter spreads, investors say. For starters, the tremendous amount of current refundings volume has taken out of the market many of the higher-coupon, very short-call bonds most of which were issued back in 2002 and 2003 with 10-year calls.

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