Corporate bonds are good value...

...according to Deutsche Bank:

Euro investment-grade company bonds are pricing in defaults 15 to 20 times worse than the average since 1970, and six times the worst on record in that period, Deutsche Bank said, due to the turmoil in the structured credit market.

The sharp widening in spreads has come even though actual defaults on investment-grade bonds are extremely rare events, and even the global high-yield default rate remains close to historic lows.

The average five-year default rate for euro investment-grade bonds is just 0.8 percent, with the worst on record 2.4 percent, while current spreads are pricing in a rate of 15 percent, Deutsche Bank said in a note.

Buy bonds then. If you can fund them.