Bonds in this portfolio are trading at $.87 vs par of $1. In...

Bonds in this portfolio are trading at $.87 vs par of $1. In other words, absent default, you get a full $1 on redemption. So further upside. Just might take a while - probably 3 or 4 years. I guess the question of default is quite real though. And it will be quite some time before supply and demand imbalances settle - post economic / recessionary down turn - to fully reverse the discount. You may also get a better opportunity given high yield correlation with equity markets.