US high-yield investors are talking about leaving the party before the lights come on, after the best start to the year for returns since 2001. Billions of dollars of inflows, a sluggish primary market, and a more dovish outlook from the Federal Reserve have given the junk market a boost in 2019, propelling returns to more than 5% already this year, according to ICE BAML data. But analysts were only predicting returns of between 6% and 10% for the whole year, making some investors nervous that early gains could be wiped out if volatility rears its head again.
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