“If [the Fed’s]willingness to continue to increase rates has gone down, the floating-rate nature of the coupons becomes not as attractive as is was,” Matthew Bartolini, head of Americas research for State Street SPDR exchange traded funds, told the Financial Times.
State Street Global Advisors also offers its own strategy, actively managed SPDR Blackstone/GSO Senior Loan ETF (NYSEArca: SRLN), which witnessed $598 million in outflows over the past month as well.
“You are seeing a more serious de-risking across credit,” Peter Tchir, chief macro strategist at Academy Securities, told FT.
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