July 25, 2019 / 3:34 PM / 4 months ago

Greenlight says it is betting against U.S. corporate debt

BOSTON, July 25 (Reuters) - David Einhorn’s hedge fund Greenlight Capital said on Thursday that it is betting U.S. corporate debt, both investment grade and high yield, will fall as the economic recovery is slowing.

The fund said the move is attractive on its own and offers a hedge to its bets that certain stocks will climb, according to a letter to investors seen by Reuters. “We have taken a new macro position against U.S. corporate credit, both investment grade and high yield,” the letter said.

Reporting by Svea Herbst-Bayliss Editing by Nick Zieminski

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