What has been described as “massive” new issuance in the high-yield market led to the most deal volume for May ($48 billion) since 2003, according LevFin Insight’s Matt Fuller.

As our Chart of the Week depicts, cash inflows to bond funds totaled over $35 billion in the past nine weeks, per Refinitiv Lipper. That includes the top three weekly inflow numbers ever recorded.

In contrast, retail loan funds witnessed out-flows of $18 billion in March and April alone, and negative cash for eight of the past ten weeks.

What’s behind these contrasting dynamics? We spoke to several senior credit portfolio managers for answers.