Why do savers hold bonds when long-term interest rates are very low?

A t equilibrium, savers must hold the stock of bonds even when long-term interest rates are very low (or zero, or negative). How is that possible? The only solution, in addition to financial repression (regulation of financial intermediates), is for risk to become very high on other asset classes: Excessively high price s that discourage savers from holding the corresponding assets ( which is perhaps the case with real estate currently); Very high price volatility that also discourages savers from holding the se assets ( which is perhaps the case with equities currently). It is only by making other asset classes unattractive that savers can be driven to hold bonds when long-term interest rates are very low.