16周来，资金第一次流出风险资产(from Barron's)

Diffusion

Junk Bond Funds See First Weekly Outflow in 16 Weeks
By Michael Aneiro
TAGS
BONDS
CORPORATE BONDS
JUNK BONDS HIGH-YIELD BONDS
Investors might finally be dialing back their expectations for the junk bond market after its most recent foray into record-low yield territory and record-high dollar prices, as high-yield bonds and ETFs recorded a $310 million net outflow in the week ended Wednesday, according to data from Lipper, marking the first time in the past 16 weeks that such funds did not see weekly inflows.

Last week, the first full week after the Fed had launched QE3, fixed income investors heeded the Fed’s message by taking on more credit risk and pouring more money into riskier corporate bonds, including pumping $1.36 billion into high yield bond funds. But since then, markets have retreated into risk-off mode, while junk bond spreads and yields have crept higher after yields hit an all-time low 6.2%.

The SPDR Barclays Capital High Yield Bond ETF (JNK)  finished at $40.30 Thursday, down 24 cents from last Thursday, while the iShares iBoxx $ High Yield Corporate Bond Fund (HYG) was at $92.74, down 54 cents from a week ago.

The latest read on the Bank of America Merrill Lynch High Yield Master II index shows the junk bond market fell 0.956% in the week ended Wednesday but is still up 11.736% on the year. The average junk bond now trades at 103.03 cents on the dollar, down from a record high 104.2 a week ago. The average spread is now 580 basis points over Treasuries, up from 534 last week, and the average yield of 6.60% is up from 6.21% a week ago, which was just off the all-time record-low yield of 6.201% set earlier last week.

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