A key source of demand for corporate bonds may be fading now that managers of company pension funds have more than enough money on hand to pay their retirees.

The industry is entering a more customized phase of liability-driven investing, he said. While earlier stages focused on adding duration and raising fixed-income allocations, better-funded plans are now tinkering at the margins to more precisely match their holdings with their obligations.

Pacific Investment Management Co. bought all $400 million of bonds issued Monday by a Blue Owl Capital Inc. private credit fund, according to people with knowledge of the matter.

Goldman Sachs Group Inc. has boosted its investment-grade bond sale forecasts for the US and Europe after a strong start to the year for issuance and on expectations of a stronger economic outlook.