{"id":37788,"date":"2014-10-26T23:53:13","date_gmt":"2014-10-26T22:53:13","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/high-yield-outflows-the-end-of-a-bad-dream\/"},"modified":"2019-12-30T23:09:30","modified_gmt":"2019-12-30T22:09:30","slug":"high-yield-outflows-the-end-of-a-bad-dream","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/high-yield-outflows-the-end-of-a-bad-dream\/","title":{"rendered":"High-yield outflows \u2013 the end of a bad dream?"},"content":{"rendered":"<p><strong>High-yield fund flows \u2013 flat on the week<\/strong><\/p>\n<p>After seven consecutive weeks of outflows from high-yield credit funds, last week<br \/>\nEPFR data revealed that outflows have stopped and flows have been broadly flat.<br \/>\nFlows have remained strong in high-grade credit and government bond funds<br \/>\nhighlighting the reach for perceived safety in a world of zero growth; aggregate YTD<br \/>\nflows are now in excess of +$71bn. On the flip side outflows continued from<br \/>\nEuropean equity funds. Note that YTD flows into government bond funds (+$19bn)<br \/>\nhave now surpassed those into equities (+$17bn). EM bond funds have seen a<br \/>\nsecond week of outflows.<\/p>\n<p><img loading=\"lazy\" class=\" aligncenter size-full wp-image-37784\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-1.jpg\" alt=\"hy_outflows_-_the_end_of_a_bad_dream_-1.jpg\" align=\"center\" width=\"291\" height=\"662\" srcset=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-1.jpg 291w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-1-132x300.jpg 132w\" sizes=\"(max-width: 291px) 100vw, 291px\" \/><\/p>\n<p><strong>Credit flows (week ending 22nd October)<\/strong><\/p>\n<p><quote><\/p>\n<ul>\n<li> HG: +$1.5bn (+0.2%) over the last week, ETF: +$332mn w-o-w<\/li>\n<li> HY: -$1mn (-0.0%) over the last week, ETF: +$459mn w-o-w<\/li>\n<li> Loans: -$104mn (-1.3%) over the last week<\/quote><\/li>\n<\/ul>\n<p>High-yield credit fund outflows seem to have stopped last week after a seven week string of outflows; YTD flows are now in negative territory. On the other side high-grade credit fund flows continued for the 44th week in a row, averaging more than $1.2bn per week. HY ETF flows seem to have reversed track after 3 consecutive weeks of outflows. Last week\u2019s $459mn inflow was the highest ever according to EPFR data. However, loan funds have seen another weekly outflow, the sixth in a row.<\/p>\n<p><img loading=\"lazy\" class=\" aligncenter size-full wp-image-37786\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2.jpg\" alt=\"hy_outflows_-_the_end_of_a_bad_dream_-2.jpg\" align=\"center\" width=\"461\" height=\"281\" srcset=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2.jpg 461w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2-300x183.jpg 300w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2-459x281.jpg 459w\" sizes=\"(max-width: 461px) 100vw, 461px\" \/><\/p>\n<p>Duration was favoured for another week with inflows concentrating to the mid and long-term high-grade funds. This highlights investors\u2019 preference to extend duration in order to pick up yield.<div id='gallery-1' class='gallery galleryid-37788 gallery-columns-3 gallery-size-herald-lay-c1'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon portrait'>\n\t\t\t\t<a class=\"herald-popup\" href='http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-1.jpg'><img width=\"291\" height=\"313\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-1-291x313.jpg\" class=\"attachment-herald-lay-c1 size-herald-lay-c1\" alt=\"\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2.jpg'><img width=\"461\" height=\"281\" src=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2.jpg\" class=\"attachment-herald-lay-c1 size-herald-lay-c1\" alt=\"\" loading=\"lazy\" srcset=\"http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2.jpg 461w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2-300x183.jpg 300w, http:\/\/beta.next-finance.net\/wp-content\/uploads\/2014\/10\/hy_outflows_-_the_end_of_a_bad_dream_-2-459x281.jpg 459w\" sizes=\"(max-width: 461px) 100vw, 461px\" \/><\/a>\n\t\t\t<\/div><\/figure>\n\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>After seven consecutive weeks of outflows from high-yield credit funds, last week EPFR data revealed that outflows have stopped and flows have been broadly flat. Flows have remained strong in high-grade credit and government bond funds highlighting the reach for perceived safety in a world of zero growth&#8230;<\/p>\n","protected":false},"author":1,"featured_media":37784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1809,1655,1856,1859,1651,1437,1662,1999,2068],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/37788"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=37788"}],"version-history":[{"count":1,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/37788\/revisions"}],"predecessor-version":[{"id":37789,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/37788\/revisions\/37789"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/37784"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=37788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=37788"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=37788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}