On the increasingly meager menu of yield-generating investments, bonds sold by U.S. companies with stronger balance sheets are looking more and more like the cake that everyone wants a piece of.

Some of the world’s largest junk-bond investors are betting big on the U.S. consumer.

Axa SA’s real estate investment unit sold off Japanese office property earlier this year, generating a return of more than 20 percent since 2012. It’s in no hurry to restart a similar fund as it sees a mismatch between the real economy and Bank of Japan-generated property gains.

The Federal Reserve will refrain from raising interest rates this year and Treasuries are poised to rally, according to Amundi Asset Management, which oversees $1.1 trillion.

Interest rates are so low that BP Plc has the scope to boost net debt, which is already the highest in four years as the company borrows to pay dividends.

Third Point, the hedge fund run by Daniel Loeb, said investments in the debt of energy companies and wagers following the Brexit vote helped drive a 2.2 percent gain in the first half of the year.