Dealer corporate bond stocks have fallen to new lows in recent weeks, severing their usual relationship with investor flows and exacerbating wild swings and settlement misses in credit markets, traders said.
Primary traders’ combined holdings of investment-grade and high-yield bonds fell into negative territory in July, hitting a low of -$2.17 billion for the week ending July 13, when traders held net positions to sell bonds in both classes, data from the Federal Reserve Bank of
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