Cash-rich companies that had been some of the biggest buyers of corporate bonds have started selling their holdings after tax law changes, according to Bank of America Corp. strategists. Companies like Apple Inc. reduced their corporate bond portfolios by more than 10 percent to $306.4 billion in the three months ended March 31, the lowest level in more than a year, after buying around $10 billion of the bonds on average every quarter. About half of that decline came from selling, and the other half from securities maturing, strategists led by Hans Mikkelsen wrote. …read more
Source:: Yahoo Finance
