Western Asset still favours corporate bonds

Global fixed-income manager Western Asset Management believes the best value in the fixed-income marketplace continues to be found in corporate debt.  The rally that began in late-2008 in both the investment-grade and high-yield markets has lost little momentum during the slow months of summer. Although valuations are not nearly as attractive as they were months ago, Western Asset believes spreads are expected to continue to tighten, albeit at a much slower pace.  "Spreads have near…