BREAKING: Investors sold -$5.35 billion of US investment-grade corporate bond funds in the week ending April 1st, the largest outflow since April 2025. This also marks the first outflow since November, and only 2nd over the last 12 months. As a result, the investment-grade corporate bond ETF, LQD, fell -2.1% in March, the largest monthly decline in 11 months. Furthermore, US high-yield bond funds have recorded outflows for 8 consecutive weeks, while leveraged loan funds have posted outflows in 5 of the last 6 weeks. Global investment-grade and high-yield bond funds saw -$7.90 billion in combined outflows last week, the largest since April 2025. The credit market is under pressure.(The Kobeissi Letter)