Liquidity evaporates in the credit markets, where the outflows of funds are of unprecedented magnitude. While companies have become heavily indebted in recent years, a market dislocation would have catastrophic consequences.

Investment grade funds that invest in corporate debt deemed safe have not escaped the trend, with more than 55 billion withdrawals.

Never seen. Investors have withdrawn their capital massively from the credit markets in recent weeks. In recent days, capital outflows have accelerated. The scale and speed of these withdrawals had repercussions across all markets, in particular leading to forced sales and erratic movements in the safest and most liquid assets, such as government bonds.

All credit compartments are affected, with nearly $ 109 billion in weekly withdrawals (week to March 18), according to EPFR data. A historic record. Enough to rock all the credit markets dangerously and, ultimately, threaten the ability of companies to refinance.