#HedgeFunds gobble up European junk bonds after LTRO

Hedge funds have been snapping up European sub-investment grade bonds this year, industry insiders said, betting the European Central Bank’s cash boost to bolster the region’s banks will improve the finances of firms on poor credit ratings.

Like many assets, junk bonds have been rallying since the ECB’s long-term refinancing operations (LTRO) in December, which flooded markets with 489 billion euros ($658 billion) of cheap cash to try and head off a second credit crunch.


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