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“We find the current opportunity set in high-yield credit attractive,” wrote billionaire trader Mr. Loeb in a recent letter to investors, referring to companies with lower credit ratings. He has raised his bets on corporate debt and plans to increase exposure as volatility accelerates, even though he does “not anticipate a quick rebound.”
After large price falls across major asset classes, “we especially favour the opportunities in credit and structured credit markets,” he wrote in a letter seen by the FT. Many of the redemptions have come in passive exchange-traded funds , which track broad indexes of bonds and that have therefore had to sell a wide array of credits when investors sell out., for instance, have dropped by more than US$10-billion since the end of 2020, mostly as a result of outflows.
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