That said, the Bank of American Merrill Lynch High-Grade Bond Master Index is up 3.75% through April 30 as a result of spread compression across the credit markets from the more lofty levels of the fourth quarter.
"We can no longer take red squirrels for granted, like other members of our fauna and flora, they have suffered as the result of the spread of a non-native species - the grey squirrel, " she said.