Pioneer fund to invest in medium-term corporate bonds

Pioneer Investments today launched the Pioneer Funds U.S. Credit Recovery 2014 fund, whose strategy is to buy and hold corporate bonds.

Pioneer Investments today launched the Pioneer Funds U.S. Credit Recovery 2014 fund, whose strategy is to buy and hold corporate bonds.
Boston-based Pioneer said the new fund will invest in corporate bonds that mature in 2014.
The objective of the fund is to provide income and capital appreciation over five years.
The fund invests in corporate debt from U.S. companies and may also include government bonds.
“Within investment-grade corporate bonds, we see very good investment opportunities,” Ken Taubes, head of portfolio management in the United States, said in a statement.
“Yields for highly rated corporate bonds are now significantly higher than long-run historic averages, and spreads have reached peak levels, presenting some excellent opportunities to generate attractive returns.
At inception, the fund aims to have 50 to 70 issuers.
Pioneer Investments had assets under management of $227 billion as of June 30.