Big investors are cutting back their exposure to riskier corporate debt, in a bet that a huge rally in recent years has left the market vulnerable to a sell-off if the global economy falters.
Asset managers including BlackRock, M&G and Fidelity International have shifted towards safer corporate or government bonds, in response to a big decline in US credit spreads that means investors get little reward for taking extra risks.
Some investors fret that the rally, driven by the easing of fears over a global trade war and expectations of deeper interest rate cuts by the US Federal Reserve, has left the credit market pricing in an overly optimistic scenario for global economic growth.
您已阅读15%（686字），剩余85%（3860字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。