ETF Flows Point to Unwinding in Junk Bonds
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Investors cashed out $29.5 million from PowerShares Fundamental High Yield Corporate Bond Portfolio (NYSE: PHB) on June 5th, according to reports by Bloomberg. The outflow was the largest one-day drop ever for the ETF. PHB is the third largest junk bond ETF and has $871 million in assets.
High-yield corporate bonds in the U.S. have lost 1.7 percent since the end of April according to a Bank of America Merrill Lynch index, but are still up 4.4 percent on the year.
Other junk bond ETFs have seen outflows this month, including iShares iBoxx High Yield Corporate Bond Fund (NYSE: HYG) and SPDR Barclays High Yield Bond ETF (NYSE: JNK).
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High-yield corporate bonds in the U.S. have lost 1.7 percent since the end of April according to a Bank of America Merrill Lynch index, but are still up 4.4 percent on the year.
Other junk bond ETFs have seen outflows this month, including iShares iBoxx High Yield Corporate Bond Fund (NYSE: HYG) and SPDR Barclays High Yield Bond ETF (NYSE: JNK).
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