Investors sense danger in super-bullish credit

By Jon Hay, Max Bower
27 Apr 2017

Fund managers have many different views on the likely path of interest rates, credit spreads and defaults — but they all agree on one thing. As one investor put it: “It’s going to be a very small door when everyone decides it’s time to get out”.

Some investors are still in the thick of the party. Indeed, corporate bond markets, including high yield, are in rude health with credit indices snapping in this week after the first round of the French presidential election to their tightest level since July 2015. But others are edging ...

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