Market strategists and fund managers surveyed by the Financial Times expect high-grade corporate bonds to outperform other asset classes this year. "I like credit as an asset class the best," said Tim Bond, global head of asset allocation at Barclays Capital. "Investment-grade corporate-bond spreads are at levels last seen in 1932, which happened to be an excellent point to buy credit -- even though it was the middle of the Great Depression." Government bonds were seen as the least attractive asset class. Those polled said yields on government debt had fallen too far last year, likely creating a price bubble.

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