Credit Markets Are Full of Alarms and No One Cares - Bloomberg

The credit markets are no place for discerning investors these days.

U.S. junk bond and leveraged loan sales have surpassed $1 trillion in 2021, an unprecedented amount for a calendar year. Loan funds have experienced inflows during all but two weeks this year, bringing the S&P/LSTA Leveraged Loan Price Index close to an all-time high, and year-to-date issuance of collateralized-loan obligations is also at a record. Even municipal-bond buyers are turning to the riskiest corners of the market, plowing $1.2 billion into high-yield muni funds in the week ended Nov. 10, the second-most ever, data from Refinitiv Lipper show.

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