Major junk bond ETFs saw big inflows last week, but the sector's outlook remains uncertain.
With equity markets swinging wildly and growing concern on Wall Street about a U.S. recession, investors have shown a curious interest in riskier parts of the bond market in recent days. As of Friday, the SPDR Bloomberg High Yield Bond ETF had raked in $550 million of inflows over the past week, according to FactSet. And the iShares iBoxx High Yield Corporate Bond ETF has done even better, with nearly $1.3 billion of inflows.
One thing investors should keep in mind is that the spread between high- and low quality debt has barely budged this year, despite stepped up macroeconomic concerns. John Luke Tyner, a portfolio analyst at Aptus Capital Advisors, pointed out that funds like the iShares Interest Rate Hedged High Yield Bond ETF are posting only single-digit losses on the year, showing the decline for high yield bonds has been driven almost entirely by rising interest rates. "Credit risk has really held in.
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