UK corporate bonds

Firstly, equities. The companies we invest in continue to pay their dividends, even when many others are cutting or suspending theirs and/or raising equity.

Fuelled by loose monetary policy, fixed income managers have had a tailwind for the past ten years.

Issuance rose to £22.1bn in 2017/8

Gilt yields set to rise

Markets have been far more volatile this year than last, taking fright at trade wars, the Italian budget, and the rout of the Turkish lira, for example. Yet most of the volatility has been in equity markets, while corporate bonds have provided a relatively...