Data put together by Deutsche Bank shows that UK pension funds invested a record £6bn (€9.9bn) in corporate bonds in 2000, a trend that has continued into 2001.

The figures also show that UK pension funds have become heavy sellers of UK government bonds. In the second half of 2000 the funds sold £5.2bn, and in the first quarter of 2001 they sold £3.6bn. This contrasts sharply with 1999, when they bought gilts worth £10.2bn.