Skeptics including Aegon Asset Management and Barclays Plc are getting ready for April’s credit rally to potentially vanish as quickly as it appeared.

Global investment-grade credit logged its best month since August and high-yield, its best since 2023, returning 1.3% and 2.3% respectively. Investors are broadly betting that the war in the Middle East is over, and earnings in the US have so far been strong, spurring what Barclays strategists called a “don’t worry, be happy” market.