Prominent bond fund managers paint a gloomy picture of Western government bonds.
Their negativity about sovereign debt is outdone only in their views of the bond issue coming from Machester United.
Theo Zemek, manager of the Axa Sterling Corporate Bond fund, says sovereign debt faces "unprecedented pressure and is not risk-free."
In Europe, Greece, Ireland, Spain and Portugal face challenges while lacking some of the three important tools - namely raising taxes, and inflation by currency depreciation or by straightforward inflation - needed to "emerge from their debt crisis".
"Government bonds are going through a torrid time, and in the long term interest rates are going up, so no asset class looks as though it will storm to fantastic new heights."
Zemek has reduced exposure to sovereign debt.
Peter Harvey, Cazenove Strategic Bond fund manager, says: "Over the next decade...Anglo Saxon economies will be characterised by low growth, greater regulation, higher government debt, punitive taxes, continual budget cuts, higher unemployment and, potentially, social unrest."
He dubs 2010 "a coupon year, where you should just expect to earn the coupon on corporate bonds."
Harvey will not collect coupon from Manchester United, whose bond he has rejected in favour of Virgin Media's.
"Manchester has five around times as much leverage, there is a tiny level of subordinated capital - to be removed shortly - and most of its assets are intangible - players' rights, media rights, Wayne Rooney's left foot, Dimitar Berbatov's hand.
"On every measure it is an inferior proposition, so for that reason, as they say on Dragons' Den, I am out."
