snip.
Much money has been made investing across the tightening credit spectrum these past few years. It feels that party has come to an end. The mood was summed up by a conversation I had with one investor y’day as I tried to sell him a large block of peripheral European covered bonds: “Bill, even by your standards this is cheeky: you want me to buy a big block of bonds someone else wants to sell so they can realise massive profits… and you want me to do this on the very day the bond market turns decisively bearish?”
His comment is to the point: who will be the last fool buying spread product?
https://www.zerohedge.com/news/2018-01-11/bill-blain-market-mood-definitely-changed
There are trillions tied up in Bonds…some of it, maybe even a lot of it needs a new home…..