And HY spreads are following suit (so its not just rates driving weakness)...

Source: Bloomberg

...the flows out of corporate debt are accelerating...

But it's not just the junk that's "cracking"...it's everything...

IG bond outflows past 9 weeks ($12.8bn)

EM debt outflows past 9 weeks ($3.5bn)

Munis outflows past 4 weeks ($0.5bn)

MBS outflows past 16 weeks($1.5bn)

Govt/Tsy inflows past 9 weeks ($5.4bn)

Largest TIPS inflow since Nov'21 ($2.1 bn)

1st Bank loan outflow since Dec'21 ($38mn)

In the U.S., investors pulled $5.4 billion from corporate high-grade funds in the biggest weekly exodus since April 2020, according to data from Refinitiv Lipper for the period ended March 9.