CITI's Information on the HYG Exodus...

This is directly from CITI re: HYG-High Yield Corporate Credit and one of the three assets used to manipulate the SPY/MArket intraday, which has recently been crushed.


"Monday’s selling included both hedge funds and ETFs. Our HY ETF desk says  HYG recorded almost $200 million in outflows yesterday, the fourth largest single day of outflows since early 2012.  “No signs that it will cease today, as HYG is now at nearly a 40bps discount to NAV – only 10 times since the start of 2012 has it closed the day at a deeper discount, and every time it has closed at a 30bps+ discount the fund recorded redemptions (outflow – selling HY paper) the next day,”