Credit investors have piled into defensive positions by shifting out of riskier areas of the debt markets over the past month, as worries over AI disruption and the war in the Middle East persist.
Investors pulled an average of $2bn a week from US junk bond funds over the past month, a more than 20-fold increase from the four weeks prior, according to data compiled by JPMorgan. The asset class lost nearly $11bn this year.
Leveraged loans, which are exposed to the beleaguered software sector, saw $887mn of weekly average outflows during the same period, compared to inflows of $247mn in the prior month, JPMorgan data shows.
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