In the 2008 financial hurricane, there have been few places to hide (other than cold, hard cash). It's a sign of the epidemic fear around us that prices of even many high-grade bonds have tanked—corporates, municipals and, yes, some Treasuries!

For investors who can accept anything less than a promise from Uncle Sam, I continue to believe that corporate paper offers the best value right now.

Yields are so high, relative to straight Treasuries, that you may well score a capital-gains bonanza when prices swing back to normal.

I still like the three mini-bonds I told my readers about in the September issue of Profitable Investing, but especially the HSBC Finance Corp. 6% Notes of 2033 (HTN).

Unlike most of its rivals, London-based HSBC Bank recently said it wouldn't need—and thus would decline—a cash infusion from the British government. This is an important testimony to the bank's strength. Lately, the bonds, which carry a low double-A rating from the two major agencies, were quoted at a yield to maturity of just over 8%. (Join Profitable Investing today to get my latest buy under price.)

If you prefer a basket of corporate bonds for greater diversification, consider an Exchange-Traded Fund (ETF), iBoxx Investment Grade Bond Fund (LQD). LQD attempts to mimic the entire investment-grade corporate bond market (no junk).

The fund operates on a shoestring, charging…