Calls for the bond market to drop this year have largely come to naught, and some analysts are now looking for gains.
"We are still long credit. The rally is not yet over although [those] can't go through the roof forever," said Pascal Blanque, chief investment officer at Amundi Asset Management, which has over $1 trillion under management.
Analysts have expected bond yields, which move inversely to prices, to rise since May of last year when the U.S. Federal Reserve first broached its plan to taper its asset purchases. In response, the 10-year U.S. Treasury yield rose from 1.60 percent in mid-May of 2013 to around 3.0 percent at the start of 2014. But despite expectations it would rise further, it has retraced to around 2.56 percent currently.