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Bond Market News
US HY Bonds See Sharpest Sell-off in More Than a Year
December 2, 2021
US High Yield (HY) bonds fell by over 1% in November, its biggest fall since September 2020. FT reports that a high-yield bond index compiled by Ice Data Services dropped just over 1% with much of the downturn coming after the Omicron virus came into the picture. The data also reports that leisure was the worst-hit sector in the debt market last Friday, November 28, with airline bonds also suffering. Also, high inflation concerns and a hawkish Fed are said to have weighed on the bond markets. Matt Eagan, a portfolio manager at Loomis Sayles said, “We have not seen these levels in a while…At the end of the day, the buyer base has not been showing up as heartily as it was before.” Also, according to data from EPFR Global, investors pulled $2.8bn from the HY market last week, the biggest one-week withdrawal since mid-March this year.
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