If corporate bonds don't trade frequently enough for you, one solution is to turn elsewhere.

More and more investors are betting on whether the notes will go up or down in value without owning the securities, using derivatives. This has been attractive for asset managers looking to be nimble in markets or make big bets, especially as corporate-debt trading volumes wane.

Pacific Investment Management Co.'s (Pimco's) Bill Gross, manager of the world's biggest bond fund, is one who's using credit-default swaps (CDS) for bullish wagers on company debt. He accelerated his use of the contracts in the three months ended June 30 by selling protection against credit losses, according to a quarterly report.