Missing link

February 18 marked a new record for primary market issuance in the US, with $32 billion worth of bonds issued in a single day. "There is no doubt about it," says Ross Junge, a portfolio manager at Aviva Investors in Des Moines, Iowa, which has $469 billion in assets under management worldwide. "Investors can't get enough of corporate debt right now."

The reasons for the attraction are obvious. Unable to borrow from banks, cash-strapped corporates are being forced to sell bonds offering investors

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