Earlier today, the headline number for AMG's fund flow for high yield mutual funds was reported at -$2.8 BILLION. Immediately, I knew something was wrong with that number. Despite having a number of high yield and leveraged loan deals (and repricing) been pulled from the market, the market didn't feel THAT bad. My Bloomberg lit up with traders also questioning the number.
- UBS says there was a calculation issue and hears the consensus HY outflow was 830-850M
- JPM says they estimate outflow at 830M with the glitch arising from reallocation of funds from liquidated to new/existing fund
- And I am sure tomorrow morning, all the desks will put out something correcting the headline number