On Friday, Salman Ahmed, chief investment strategist at Lombard Odier Investment Management, told CNBC he agreed with the first point, but not the latter. He said the heavy participation of central banks in the market — and their deep pockets — would prevent a sudden collapse and denied the market was in a "bubble."
"If the bond market was owned by private individuals like us, who do not have a printing press, this is a bubble. Because when the liquidity falls through we will run out of cash, then the bubble will collapse. If the bubble is injected by a player that has unlimited (access) to a printing press then this bubble can go on," Ahmed told CNBC.
Around one-third of outstanding bonds are held by central banks, the strategist said.
"Fixed income is now a policy tool. It is not an asset class anymore, especially sovereign bonds and I think we have to get used to it," he told CNBC.