Already a Bloomberg.com user?
Sign in with the same account.
Bank of America Corp
Investors poured a record $927 million into U.S. loan funds this week, according to Bank of America Corp. (BAC)
Deposits into mutual funds targeting floating-rate debt increased $3.3 billion, or 4.4 percent, last month which is the most of all other asset classes in percentage terms, the Charlotte, North Carolina-based bank said in the report.
Loans returned 10.5 percent last year while speculative- grade bonds gained 15.6 percent, according to Standard & Poor’s/LSTA U.S. Leveraged Loan 100 and Bank of America Merrill Lynch index data. This is the 33rd straight week of money flowing into loan funds as investors seek shelter from a possible increase in interest rates, according to Bank of America.
Leveraged loans are those rated below BBB- by Standard & Poor’s and less than Baa3 at Moody’s Investors Service.
To contact the reporter on this story: Krista Giovacco in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Faris Khan at email@example.com