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Recession depressed bonds, appreciation and interest

Sometime after the current recession started to affect stock prices, it also depressed junk bond prices.  When Sept 2008 happened, their prices collapsed along with everything else.  The only rational for the depressed bonds is the risk of default, but their prices fell far below any probable rate of default.  While they have risen in value since their recent March lows, there are a number of closed end bond funds (ETF) that are trading well below their 2007 prices.  As a result, they not only return a high yield based upon their interest income, but are appreciating in price.

For example: EAD - Evergreen Income Advantage Fund is returning a 13.08% dividend from an average coupon of 6.95%.  It has 50% upside in price to reach its pre-recession highs.

HSA - Helios Strategic Income fund is returning a 16.22% dividend from an average coupon of 6.58%.  It is trading at 1/15th of its 2007 high.  It no longer holds the CDO's that got it down there.