Investors poured a record amount of cash into U.S. high-yield funds this week as the junk-bond market recovered from its worst slump in more than a decade.

The funds added $7.09 billion in the week ended Wednesday, according to data from Refinitiv Lipper. This reversed a course that had seen almost $20 billion withdrawn from those same funds over the last six sessions, including $2 billion last week.

Investors have been wading back into the market after the government’s $2 trillion stimulus package and Federal Reserve efforts to keep liquidity flowing in the corporate debt market. Junk bonds have gained this week after a March that was the worst for returns since 2008.

Spreads have tightened almost 200 basis points in a little more than a week to 909 basis points on Wednesday. Average yields also dropped by almost 200 basis points in the same period, to 9.73%.

The prior record flow into U.S. junk-bond funds was $4.97 billion in March 2016, Lipper data show.

‘Tremendous Opportunity’

As U.S. junk bonds started to find a floor, investors including Goldman Sachs and Invesco are seeing reasons to buy.

“There are tremendous opportunities out there,” said Ashish Shah, co-chief investment officer of fixed income at Goldman Sachs Asset Management. He estimates junk bonds will return about 20% this year as growth rebounds in the fourth quarter and fallen angels outperform.

High-yield lost 11.5% last month and is down 13.6% this year. The market fell almost 16% in October 2008. Last year’s total return was 14.3% and high-yield hasn’t been up more than 20% since 2009, when it surged 58%.

Scott Roberts, who manages a high-yield portfolio of just over $6 billion at Invesco, describes high yield as a “once-in-a-decade opportunity” which will be “gone way before the fear subsides.”

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