Timing's everything in refinancing hom

Corporate bond spreads were mixed, although the spread on an index of junk bonds ended the week 6 bps wider.

January 21 - Financial Times (Deborah Brewster): Investors are pouring money into the opposite ends of the risk spectrum, with cash and high-risk emerging markets attracting record inflows while the middle ground - traditional bond and equity funds - attract little or no money. In an unprecedented shift of money from developed world stock markets to emerging markets, US investors last year put a record $40bn into emerging markets funds - almost double the amount of last year... Other than emerging markets, money market funds were the clear winners in 2007, with inflows of $760bn during the year that lifted their assets to a record $3,100bn, according to iMoney-Net.

It was another slow week of debt sales. read more