Investors have started abandoning the U.S. junk bond market -- or at least the exchange-traded funds that track it.
BlackRock Inc.’s iShares iBoxx High-Yield Corporate Bond ETF, symbol HYG, the biggest ETF focused on speculative-grade debt, suffered $1.5 billion of outflows in May, the most in a year. Short-interest also rose last month to the highest this year amid fresh political threats from the U.S. to Brazil and rekindled concern over tight valuations and the pace of reflation.
