I know what it sounds like when the bond market breaks. I was there for the 4 a.m. call in the summer of 2007. I also know what it looks like when the bond market offers something genuinely good. It rarely happens. And when it does, you need to grab it with both hands and not let go until it’s gone. Yield levels of this magnitude don’t come along often.

Yields on the bond market have incrementally adjusted to introduce a new variable: a fiscal premium. Yet, this is not a new form of risk; it represents a new form of information. Investors still believe they will get repaid; they just believe they are entitled to a higher return to facilitate it.

These days, advisors and their clients are directly marketed private credit through interval funds and tender-offer structures. This change raises an important question: What should you say to a client who asks about these products?

Different clients may prefer different ways to invest in bonds. This article isn’t about identifying which fixed income vehicle offers the highest yield or lowest fee. It’s about matching strategies to real-world investor behavior.