Quantitative easing has created a rush into income-producing equity classes, so if you're looking for yield, consider CCC-rated high yield bonds in 2014, says Mark Cernicky, Managing Director at Principal Global Fixed Income. Cernicky also says investors should look to Europe as the "land of opportunity for credit" as the European high yield market has set consecutive years of record new issuance. It will be a bumpy road, however, as Cernicky expects increased interest-rate volatility through 2014.

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