The IMF has warned that a surge of outflows from funds allowing frequent investor withdrawals but holding hard-to-sell assets could amplify market stress and “potentially undermine the stability of the financial system”.
Withdrawals from open-ended bond funds have increased in recent months, the IMF noted, and another shock could “trigger further outflows”, with a mismatch between redemptions and illiquid holdings posing a “major potential vulnerability”.
The Washington-based international body singled out less frequently traded securities such as corporate bonds, certain emerging market assets and real estate as most at risk during periods of market volatility when investors can move to sell in unison.
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