Joe Sixpack is desperate for dependable investment income. Dividends on equities are drying up, property trusts are sinking, and savings accounts barely offer anything after inflation.

Hello, corporate bonds. In Germany, Italy, Australia and New Zealand big new issues are being buoyed by private investors. In Japan – where equities, property and deposits have been a turn-off for years – retail investors bought just over a quarter of investment-grade bonds issued in the first quarter this year, according to Dealogic, up from 3 per cent in the same period four years ago.