(Bloomberg) -- The head of debt investment at Norway’s $880 billion sovereign wealth fund, the world’s largest, said a rally in U.S. corporate bonds may be coming to an end.

Looking at “American corporate investment grade bonds, we see that the spread lies around 100 basis points, that is nearly just as low as they were before the financial crisis,” Ole Christian Froeseth, head of fixed-income at the oil fund, said in a lecture in Oslo today. “One can argue that there isn’t much juice left in this spread, especially not in relation to where we were during the financial crisis.”

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