The world's biggest fixed-income investors, fed up with yieldson benchmark government bonds that pay less than zero percent, saythey've found a new haven from turmoil sweeping global markets:corporate debt.

BlackRock Inc., Glenmede Corp. and at least four other firmsthat collectively manage in excess of $4 trillion are putting moreof their money into the bonds of companies, contributing to arecord rally. The Bank of America Merrill Lynch Global Broad MarketCorporate Index, which tracks 9,542 debentures, is on pace to gain3.61 percent in July, the most since being created in 1997, and 14percent for the year including reinvested interest.

“You have rates markets like the U.S., the U.K. and Germanywhich look incredibly expensive,” Ewen Cameron-Watt, the chiefinvestment strategist for a unit of New York-based BlackRock, theworld's biggest money manager with $3.56 trillion in assets, saidin a July 17 conference call from London. The firm favors “stuffthat gives you a real yield,” he said.

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