The best values available to investors in financial sector bonds will be banks and finance companies with heavy exposure to consumers, one Wall Street analyst says.

Credit card lenders, bolstered by flattening consumer delinquencies, tighter underwriting, and slowing credit expansion, offer opportunity for bondholders looking for appreciation over the next few years, said Allerton G. Smith, a bond analyst at Donaldson, Lufkin & Jenrette Securities Corp. in New York.

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