● 安德鲁希钦斯 By Andrew Hitchings 王彼得（译）

In recent years, financial markets have become

increasingly polarised between growth and security.

Investors looking for a medium-to low-risk route to income

in-vesting are increasingly turning to the corporate bond

market as an alternative to equities and government bonds.

Equities and government bonds are well suited to some

investors. Younger in-vestors will benefit from equity

capital growth because they are generally invest-ing for the

longer term and not unduly concerned at the lack of

immediate yield. Investors concerned with avoiding risk will

be prepared to accept the relatively low yields now

available on government bonds.

But many investors fall somewhere be-tween these two

extremes. Corporate bonds offer an alternative to equities

and government bonds, providing some of the benefits of

each. With corporate bonds, an investor can opt for a lower

risk exposure than with equities but a higher income yield

than with government bonds.

In Singapore, for example, a govern-ment bond maturing in

2004 with a cou-pon of 3.5% will currently yield about 3.4%.

This is to say, for 
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