Bankers predict the high-yield debt market will experience stunning growth for the rest of the decade as investors take greater risks to sustain the high returns from fixed income they have enjoyed.

Gary Jenkins, head of credit strategy at Deutsche Bank in London, said in a report analysing 100 years of corporate bond returns: "The past 25 years have been exceptional for risk assets, even with the bubble bursting in 2000. It is almost inconceivable to think we can repeat such returns from traditional asset classes including corporate bonds, equities and government bonds."