Sometimes the corporate bond market does itself no favours. Populated by statistical geeks armed with impenetrable formulas, even its more accessible corners carry negative (if romantic) labels such as “fallen angels”.

The market’s deeper reaches have unfortunate links with the complex securities that poisoned the financial system and its most famous character, Michael Milken, was known as the Junk King for his championing in the 1980s of “junk”, or speculative grade, companies.