Known as the historical headquarters of past-their-prime corporate icons like Kodak, Xerox and Bausch &Lomb, Rochestersuffereddecadesof painful contractionbeforefinding its equilibrium.
The upside over the life of the bond, if any, comes from any fall in interest rates and, in the case of corporate or emerging-market bonds, from a contraction in the credit spread that is, from the perception in the market that borrowers are more likely than they were to repay investors when the bond matures.