Investors pour record sums into high-grade corporate bonds

“The euphoria around investment grade is basically more broadly this euphoria around yields,” he added. “At least relative to last year and really relative to most of the last decade, [high-grade corporate debt] is offering yields that are considerably higher.”

“Clients are looking at investment-grade first,” said Christian Hantel, portfolio manager at Vontobel Asset Management. “They are pretty cautious after having their fingers burnt last year.”The current environment means “we don’t need to challenge ourselves in liquidity or on credit quality” according to Henrietta Pacquement, head of global fixed income at Allspring Global Investments.

Still, a recent run of strong economic data in the US, along with signs that inflation is still stubbornly high, could stifle the recent enthusiasm as investors brace for further tightening from the Fed.

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