Photo: U.S. dollars at a currency exchange store in Kuala Lumpur, Malaysia, on March 1, 2024. Photographer: Samsul Said/Bloomberg. U.S. dollars at a currency exchange store in Kuala Lumpur, Malaysia, on March 1, 2024. Photographer: Samsul Said/Bloomberg.

A group of private credit funds backed by firms like Blackstone Inc. and Ares Management Corp. have found a cheap place to raise money, at a time when they already have record levels of cash: the investment-grade corporate bond market.

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