While bonds' low spreads over Treasurys have spurred concerns investors may be paying too much for yield, some analysts say low payouts may be justified.
Bonds' spreads and yields are "fairly priced," said Steve Goldman, managing director at Kapstream Capital, which has around $5.6 billion under management.
"You still get paid to take the default risk inherent in both investment grade and high yield bonds because default rates are incredibly low," he told CNBC. "To the extent that you're getting yield premiums over risk-free assets like government bonds, it's worked out pretty well for investors over the last four to five years."
With easing programs coming from central banks globally, bond yields in general have hovered around historic lows sending investors searching for better returns by loading up on riskier debt, tightening spreads with benchmark 10-year U.S. Treasurys, which are yielding around 2.58 percent in Asia trade Monday.
Barclays Capital High Yield 100 index is yielding around 4.39 percent, down from its 52-week high of 6.35 percent, while the broader Barclays Capital Aggregate bond index is yielding around 2.29 percent, down from its 52-week high of 2.68 percent.