The Financial Post reports in its Thursday, Feb. 21, edition that the risk of a global recession has surged to the top of the worry list for credit investors even as they push down their cash balances to snap up new-year issuance, according to Bank of America Merrill Lynch's latest survey of European money managers. A Bloomberg dispatch to the Post reports that almost 30 per cent of respondents to the bank's poll cited a worldwide economic slump as their largest concern, the strongest consensus for any single risk since June, 2017. No one cited rising bond yields or higher inflation as their top worry, while only 2 per cent said it was Brexit, according to analysts led by Barnaby Martin. European investors have been piling into credit so far this year, adding corporate hybrids, insurance and subordinated bank debt alongside defensive positions in utilities, according to Bank of America Merrill Lynch.