Junk bonds are on track for their worst monthly return in nearly a year, with investors fretting that the era of easy US central bank money is at an end and calling time on a bull run for one of the market’s riskier asset classes.
Years of quantitative easing by the Federal Reserve have driven investors into bonds, real estate and equities, sparking fears of looming asset price bubbles. Junk-rated debt, in particular, has attracted record inflows and generated robust returns for investors prepared to bet on bonds sold by companies with the lowest credit ratings.
But as the Fed ends QE in October, a recent warning from chairwoman Janet Yellen that valuations for high-yield bonds “appear stretched”, has triggered a flight out of the sector.
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