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Didn't mean to start an argument, but thanks for all your comments and advice. Think I'll stay with corporate bonds for a while and switch to IL Gilts some time next year. Is there a way to decide when these have become attractively priced?
Er, yes, so, in conclusion, you should definitely invest in pork futures...
Wait, what were we talking about?
As regards "attractive" pricing of Index-Linked Gilts - this rather depends on your own view on future interest rates / inflation, etc.
If you feel that we're about to re-enter Weimar Germany, 2009-style (less cabaret; more X-factor), then buy now (today's prices are attractive). If you think it's more likely that we'll suffer a Japanese-style 'lost decade' of deflation, don't buy at all (today's prices are unattractive).
As Index-Linked Gilts come more into favour, the capital value increases and the (real) yield drops. Prices are currently very high (in my opinion). But I think the market is distorted by various regulations and requirements.
Corp bond prices are still below where they were a couple of years ago which suggests to me that they still have reasonable prospects now that armageddon has been ruled out. They certainly look better to me than gilts or cash and I won't be selling mine.
