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The junk bond tumbled to a low in May and traded below its face value for years as Tesla weathered Model 3 production delays and rapid cash burn.
Both asset classes have been driven higher by the Federal Reserve's rate cuts, increased Brexit certainty, and the 'phase one' US-China deal.
The S&P 500 is on course to close 30% higher for 2019, which would be its best annual performance in six years.
The bank bought French bond futures to prop up its Belgian bond holdings and sell the latter assets, the Autorité des Marchés Financiers alleged on Tuesday.
The investment bank pointed to a host of reasons, even Modern Monetary Theory, as factors in its forecast.
Investors placed orders for more $20 billion worth of the dollar bonds, according to a report from Bloomberg.
The shift signals investors are selling stocks for stabler assets, as equities are more exposed to trade uncertainty and slowing economic growth.
Third Point isn't the first hedge fund to note losses from Argentine debt. Autonomy Capital reportedly lost about $1 billion betting on the country.
Negative yields signal a shift in investments across the eurozone, with account holders now prompted to buy riskier assets over saving cash.
A record $1.1 trillion has shifted out of stocks over the last year. Here’s why the market is still climbing, and could see further gains soon.
"Such periods of outflows tend to see somewhat better equity returns over the following 6 months," Bernstein analysts said in a client note.