But the bond markets themselves have been behaving somewhat unsually in recent months.

Several bouts of quantitative easing and the search for income have pushed up bond prices dramatically and made yields fall. In an era of low interest rates, when savers cannot get much in return for their savings at the bank, they are looking for alternatives that can supply a regular source of income.

Many have started diversifying into different types of bonds to adjust to the changing market. High yield bonds which used to be considered dangerous territory have become more respectable and strategic bond funds have become more popular.

These allow more flexibility on the part of the fund manager, and to move into different assets as the market dictates. So, for instance if a cheap bond is seen as a good buying opportunity but outside the usual remit of a conventional corporate bond fund manager, then the strategic bond manager may have the ability to invest in it.

New types of bonds are starting to appear on the market as well, as companies try to find new sources of raising money.

The attraction of a fixed income has never been stronger for investors; the market is set to remain prosperous for some time to come.

Hal Austin is editor of Financial Adviser