Fans of fixed interest can take some heart from a revival of non-government bond turnover during the year to June 2013. The Australian Financial Markets Association said, in its annual Financial Markets Report, that turnover increased by one-third over the year, to A$777 billion.The AFMA put the rise down to "an improvement in investor sentiment and risk appetite from previous years", following a marked decline in turnover in 2012. A shift to term issuance by banks may also have played a part.Turnover in short-term debt securities fell 11 per cent as a result of changes in banks' funding strategies, the AFMA said.Among other credit categories of over-the-counter markets, re-purchase agreement activity grew by five per cent.Credit derivatives turnover declined by 43 per cent, "notwithstanding an apparent increase in risk appetite which led to a narrowing of credit spreads over the year", the AFMA said.The AFMA said the interbank indices trading market now represents 79 per cent of total OTC market volume, up from 70 per cent in 2012.