"It could be hard to bond off the hotel that's going to be built in 2007, " he said.
Russian steel company Severstal is another hard currency bond we like.
As a result, both local and hard currency bond funds continue to see the bulk of the inflows as investors consider them to be the safer bet over equities.
It is hard for active bond management to compete with bond index funds and ETFs.
However, the correlation between flows into hard-currency bond funds and both local-currency bond funds and equity funds has decreased significantly lately, while the correlation between EM equity fund flows and EM local-currency bond fund flows has trended higher.
FORBES: Currency Risk Subdued As Portfolio Money Flows To Emerging Markets
To make the Mach3, Gillette has found a way to bond diamond-hard carbon to slivers of steel.
Markets have gained ground in recent sessions on the view that the European Central Bank will step in with bond-buying purchases of hard-hit countries like Spain based on the outcome of the last central-bank meeting.
Mr. Hoguet recommends holding about 2% of an overall bond allocation in emerging-market hard-currency bonds, and about 8% in emerging-market local-currency bonds.
The trouble is that it is hard to disentangle the bits of a dual-currency bond the interest payments in yen and the principal in dollars.
Despite the success of last year's Thai electricity bond, for example, many investors found it hard to price.
MSBs, however, the scarcity of government bonds makes it hard for the central bank to engage in open-market bond dealings to control the money supply.
Overall investors are still eyeing fairly strong bond auctions in most European countries but it is hard to tell at what point this expectation gets fully priced into the mix and more is required to keep the upward momentum going.
Mr Fridson concedes that the difference between corporate-bond spreads and actual default rates is unusual and hard to explain: on the previous occasions when spreads have exceeded 800 points, the default rate was already 9.43% in 1990 and 5.44% in 2000.
But for all the undoubted ability of players like Scott Styris, Jacob Oram and Shane Bond, New Zealand are a side which relies more on hard work than star quality.
Without long-term, paid-up capital, it is hard to write multi-year policies, let alone to organise insurance-backed bond issues or derivatives.
Chinese and Southeast Asian investment banks are fighting especially hard for market share, while some French banks are switching their focus to Asian bond markets, away from Europe where activity is slow.
Between 5% and 25% of all new mothers are thought to suffer some form of post-natal depression, and can find it hard to cope with the demands of the baby, or even to form a bond with it.
Our hard-hitting investigative stories have exposed penny stock bucket shops, dicey tax shelters, bond scams and Wall Street trickery.
It is hard to see how this could appeal to large numbers of investors who currently view the sukuk as a bond equivalent.
In short, when the dollar is in decline limited capital tends to flow toward hard assets such as gold, land and rare art that already exist, and away from the stock and bond income streams that will fund the creation of wealth that doesn't yet exist.
"They are hard criteria to meet because they're invariably reactive components which have a tendency to want to change, " Bond said.
It is hard to pick up a financial publication today without reading scary headlines about hundreds of billions of dollars of coming municipal bond defaults forecast by people who never had a thought about this market just six months ago.
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