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Dana Emery, chief executive at Dodge and Cox, and a co-manager of its $56 billion Dodge & Cox Income bond fund, sees a positive side to the issuance of longer-term bonds.

The three-year Income Bond will pay 1.9%, down from 2.15%.

Those who already hold the three-year Growth Bond and Income Bond will not be affected.

Short-term bond funds are another option for money you may need access to in the next few years, said Thomas H. Atteberry, co-manager of the FPA New Income bond fund.

And at the end of December, 14.5 percent of the assets in Nuveen’s High Income Bond fund were energy-related securities.