High yield bonds are expensive and not the best place to find yield despite the low default rate and supposedly strengthening economy, says Bonnie Baha, Director of Global Developed Credit at DoubleLine. Baha says the disappointing March employment report illustrates that corporate America is not as healthy as many believe, and bank loans offer a safer place to find yield. She also likes emerging market corporate debt denominated in U.S. dollars despite the ill-effects of last year's "taper tantrum" on foreign securities.

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