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There are more losses ahead for corporate paper (LQD), says JPMorgan's Jan Loeys, noting...

There are more losses ahead for corporate paper (LQD), says JPMorgan's Jan Loeys, noting corporates replaced Treasurys as the favored way to get exposure to duration. "Potential buyers don't have the same capacity to absorb credit risk." Credit spreads didn't protect against higher rates during the recent bond bust - corporates lost 3.4% since May 22 vs. a 2.6% decline in Treasurys, according to Bloomberg's Lisa Abramowicz.
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