Bond Investors Lose $106 Billion in Dismal Year for Credit
- All but a few IG company bonds sold this year drop in price
- Rate hikes, macro uncertainty has soured the water for buyers
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It was supposed to be the silver lining to a year of brutal losses. As bond-fund managers watched the market value of their portfolio decline rate hike after rate hike, one thing was certain: companies would soon have to return to the market offering juicier yields.
But for all the yield concessions companies have had to offer investors to raise new debt this year, it’s proved to be of little comfort, a Bloomberg analysis of bond issuance data shows.