Corporate bond prices worldwide are poised to set a record as easy money policies by central banks push investors into riskier investments even with the potential for losses at about an all-time high.

Bondholders are paying an average of 110.22 cents on the dollar for the right to receive 100 cents back at maturity plus the interest from coupon payments, according to Bank of America Merrill Lynch's Global Corporate & High Yield Index. At the same time, the so-called effective duration that measures how sensitive bond prices are to changes in yield has jumped, making the securities about the riskiest to hold ever.

Central bank purchases of government bonds to contain borrowing costs and stimulate economic growth have led investors to pour money into the $10 trillion global market for corporate bonds as they search for yield. Besides betting that interest rates won't rise anytime soon, investors also face increased risk from restructurings. Cyprus and the Netherlands imposed losses on bondholders as part of their bank workouts, while a rise in leveraged buyouts globally threatens to trash credit ratings.