Belgium's bond yields relative to the continent's benchmark Germany are rising at the fastest rate in the eurozone as the country struggles to fight its huge debt burden.
Henderson's Mark Harris has warned investors in fixed income funds will lose money over the next ten years.
Investec Asset Management's John Stopford says the group has been selling European and US government bonds as fears over the economic slowdown have become "overdone".
Investors are continuing to pile into gilts as fears deepen that the global economy could be teetering on the brink of a double-dip recession.
M&G head of retail fixed income Jim Leaviss believes government bonds still offer value despite the yield on the 10-year gilt approaching historic lows last week.