A gauge of just how far the corporate bond market has rallied was provided on Tuesday by KPN, the Dutch telecoms company. It issued €700m ($1bn) in 15-year bonds – the longest-dated, euro-denominated bond seen this year for a company rated just a couple of notches above “junk”.

Global corporate bond issuance has hit record levels this year for a number of reasons. Banks are lending less, forcing companies to turn to the market. Many finance directors are happy also to tap the market’s appetite for longer-term loans. Investors have proved hungry for the relative safety of bonds that offer equity-like returns.