Aegon, Barclays Say Prepare for Market Pain

Skeptics including Aegon Asset Management and Barclays Plc are getting ready for April’s credit rally to potentially vanish as quickly as it appeared.

Global investment-grade credit logged its best month since August and high-yield, its best since 2023, returning 1.3% and 2.3% respectively. Investors are broadly betting that the war in the Middle East is over, and earnings in the US have so far been strong, spurring what Barclays strategists called a “don’t worry, be happy” market.