BAML Credit Investor Survey: Concerns Over China Soar

Bank of America Merrill Lynch's  latest  (10/07/2015) European client Credit Investor Survey, shows that due to China/EM fears, the past week has seen the biggest risk reduction by investment-grade credit accounts since the Greek crisis in mid- 2011. Credit overweights have fallen to just 9% now, from 32% in July.

Not only are crowded trades dissipating, but investors' cash levels are now higher than average. In fact, cash is now investors’ biggest overweight. The average cash level for investment-grade . . .

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