Bond guru Jeff Gundlach doesn't think corporate and junk bonds have a credit problem, but he does think that they have a valuation problem.
He thinks it is ridiculous that many junk bonds trade near the same yield as 30-year Treasuries.
The two bond categories he thinks aren't overvalued relative to Treasuries are emerging market debt and mortgage back securities.
That doesn't mean he would rush to emerging markets bonds though given the currency risk.
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