With interest rates falling the capital value of any existing bond will rise. That is indisputable. It follows that in a climate of falling interest rates that most bondholders experiences will have been positive.
However, I think it is a false belief to rely on this 'experience' and suggest that in a future climbing interest rate market, that most bond holders experiences will be positive. Many companies that issue bonds know this and have built in a future 'reset to market rates' clause at some time in the medium term future. That will stop the value of those bonds absolutely tanking as interest rates go up.
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