FYI: A mystery has underpinned recent comings and goings of money in the $1.3 trillion U.S. high-yield bond market.
Over the past month, the biggest junk-bond exchange-traded fund has experienced extraordinary record-breaking daily withdrawals even though the broader market has encountered relatively little turbulence. In fact, these ETF flows have had little to no correlation with mutual-fund deposits or other gauges of investor demand. They are often followed or preceded by huge deposits.
Regards,
Ted
http://www.bloomberg.com/gadfly/articles/2016-05-25/bond-dealers-use-blackrock-junk-etf-as-substitute-balance-sheet
