Assuming a tender offer settles as expected within the next week, I will be completely out of junk bonds for the first time in 5 years. I sold my last lot of junk this morning at a very nice price and I want nothing to do with the vast majority of teh paper that is out there now. Spreads have crashed to very low levels for the amount of risk you aretaking, covenant protection for bondholders is becoming appallingly slight, and issuers are both levering up and extending maturities. So I would offer a piece of advice to any would-be yield chasers here: caveat emptor. There are good times to be in and very good times to be out of junky paper. I think we are now in the latter.