General Motors two year debt is currently yielding 7 to 8% because it was downgraded to junk not too long ago by standard and poors. I think this is one of the best deals out there in the entire market and I am adding significant amounts of this to my portfolio. If nothing happens in the underlying bond and you hold it to maturity you lock in a 7 to 8% yield. However, I do not think that GM will stay at junk for the entire period of two years and it is very likely to be upgraded. If that happens you stand to make a KILLING on the mark up in price. The only danger you have here is that GM goes out of business in the next two years, which is I feel not at all likely.