That Record Pimco Junk Outflow Shows Investors’ Anxiety

Bond buyers are sending a loud message this month: They want a break from the riskiest securities.

The past three weeks have marked the biggest collective souring on high-yield bonds since last June, bringing an abrupt halt to the 10.4 percent return over the previous 10 months. Even short-term junk-rated notes -- typically more immune to such swings in sentiment -- have suffered, with investors yanking the most money ever from a Pacific Investment Management Co. exchange-traded fund focused on such debt.