U.S. corporate investment-grade funds reported a record $38 billion outflow, extending an unprecedented rout as investors flee for havens assets amid the global market meltdown.
That exceeds the prior record of $35.6 billion set just last week as the selloff from the spreading coronavirus intensified. Fund outflows had been expected to ease after credit markets rallied in line with equities as a $2 trillion relief bill moved its way through Congress, following news that the Federal Reserve would buy corporate bonds. Yield premiums dropped as ETF flows turned positive.
