When the Federal Reserve announced on March 23 that it would purchase eligible corporate debt, syndicated loans, and exchange-traded funds (ETFs) via a special purpose vehicle (SPV), backstopped by the Treasury, moribund markets jumped. Highly leveraged companies like Carnival (CCL), Ford (F), and Boeing (BA), which were unable to obtain funds in the bond market, suddenly found themselves able to borrow at rates that discounted the true credit risks. BlackRock (BLK), which will be managing the SPV, recorded a record inflow of nearly $4 billion to its iShares iBoxx High Yield Corporate Bond ETF in