Investors are loading up on the debt of US oil and gas companies, lured by their ability to generate cash again as energy prices soar.
Funds now hold overweight positions in high-yield energy bonds compared to a benchmark index, according to Bank of America Global Research. This means that, instead of simply trying to track the proportion of energy sector bonds in the index, investors are choosing to own much more.
Investors’ appetite for energy bonds comes as crude oil prices stage a ferocious recovery, more than doubling since late 2020 to $90 a barrel, their highest in seven years. Natural gas prices have also rallied.
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