Bank of America's latest survey of global credit investors, released this week, found 30% of respondents said their biggest worry is a global recession, the strongest consensus for any concern in nearly two years.
The bank attributed this to a "torrid end to 2018 for the corporate bond market," and said investors are retreating into more safe-haven groups and out of cyclicals.
This positioning appears unlikely to change until the global-manufacturing picture stabilizes, Bank of America said.