2013-02-04 —

The biggest investment-grade bond loss in 14 months is bolstering Bank of America Corp. (BAC)'s view that the unprecedented bull market in the notes is over. JPMorgan Chase & Co. disagrees.

With bonds of the most-creditworthy borrowers from the U.S. to Europe and Asia losing 0.8 percent in January, Bank of America strategist Hans Mikkelsen cut his forecast for investment-grade debt returns last week, saying a sustained shift away from notes will cause borrowing costs to soar.

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