{"id":64320,"date":"2018-02-17T09:02:53","date_gmt":"2018-02-17T09:02:53","guid":{"rendered":"http:\/\/www.bnreport.com\/cracks-appear-in-credit-funds-as-investors-head-for-the-exit\/"},"modified":"2018-02-17T09:02:53","modified_gmt":"2018-02-17T09:02:53","slug":"cracks-appear-in-credit-funds-as-investors-head-for-the-exit","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/cracks-appear-in-credit-funds-as-investors-head-for-the-exit\/","title":{"rendered":"Cracks appear in credit funds as investors head for the exit"},"content":{"rendered":"

By Cormac Mullen
<\/strong>
Global bond funds saw the fifth-largest week of redemptions ever last week, amid expectations of higher interest rates, according to Bank of America Merrill Lynch<\/a>, citing EPFR Global fund flow data. <\/p>\n

Overall, $14.1 billion was pulled from debt funds<\/a>, with $10.9 billion taken from high-yield bonds alone, the second highest outflow on record. Investment-grade bond funds weren\u2019t spared, with $2 billion of redemptions ending a 59-week streak of inflows, the bank said in a report covering the week to Feb. 14. <\/p>\n

A separate report from Lipper also showed an exodus from riskier debt. Investors yanked $6.3 billion from US high-yield junk bond funds in the past week, it said, the fifth straight week of outflows, bringing the total over that period to more than $15 billion. <\/p>\n

\u201cThe narrative is really becoming more about inflation<\/a> and rate risk creeping into the broad markets,\u201d said Henry Peabody, a money manager at Eaton Vance Corp., with more than $400 billion of assets. \u201cIt\u2019s hard to think of elevated volatility<\/a> in both rates and equity not eventually seeping into credit.\u201d <\/p>\n

The 10-year US Treasury yield has continued to climb this month and jumped to a four-year high Thursday after consumer price data rose more than forecast. Simultaneous outflows from investment-grade, high-yield and emerging-market bonds occurred for the first time since the US presidential election<\/a> in November 2016, according to Bank of America. <\/p>\n

Despite a rebound the S&P 500 Index, US equity funds continued to see outflows, BofAML said. Investors took $7.2 billion from American stocks, although both European and Japanese shares enjoyed inflows. Large-cap stocks<\/a> suffered the brunt of the withdrawals. <\/p>\n

Still, not all bond funds experienced redemptions. Funds tracking Treasuries and government bonds took in $2.4 billion of new money, according to the note. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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By Cormac Mullen <\/p>\n

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