Lost Amid Huge Actavis Bond Sale Is a Sign That Not All Is Right
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Buyers are jockeying for a piece of the second-biggest U.S. corporate bond sale ever, painting a picture of insatiable demand for anything with a yield. Money flowing away from exchange-traded funds suggests something else.
Just as Actavis Plc marketed its $21 billion bond offering on Monday to help fund its acquisition of Botox-maker Allergan Inc., investors yanked $519 million from BlackRock Inc.’s iShares Core U.S. Aggregate Bond ETF.