Thoughts on the future of the bond market

Although global yields are going up now, will the trend of decreasing yields continue in the long run?

With businesses trying to get their production closer, like moving it from China/Vietnam to Mexico/Turkey, will this have a big impact on Asian emerging markets?

What opportunities do you foresee as a consequence of pensions funds investing in more illiquid assets?

Are corporate bonds gaining more importance against government bonds?

Unrelated:

• Thoughts on PE firms' increasing interest in becoming public?
• Returns of a HF that does the opposite of what Jim Cramer recommends?

I am very ignorant in this matter, so I would love to see what you think about this.