Bloomberg Fear is drifting out of the corporate-bond market again, even if the risks aren’t. US high-grade spreads touched 0.76 percentage point earlier this week, their tightest levels since October and close to their highest valuation in decades. They’ve been narrowing since late November. The cost of hedging in the North American high-grade credit derivatives market has been declining in recent weeks as well. Most Read from Bloomberg But some investors and strategists see storm clouds ahead. Heav ...