Yesterday’s session was the polar opposite of Monday’s, as stocks traded higher, Treasuries sold off and the high yield market weaker throughout the day. A poor May retail sales number is weighing on markets this morning, as the report showed that American retail sales dropped for the second month in a row, evidence that the economic recovery continues to falter. The high yield market is opening flat this morning on thin volume and a lack of conviction in either direction.
Although information and analysis contained herein has been obtained from sources Peritus I Asset Management, LLC believes to be reliable, its accuracy and completeness cannot be guaranteed. This report is for informational purposes only. Any recommendation made in this report may not be suitable for all investors. As with all investments, investing in high yield corporate bonds and loans and other fixed income, equity, and fund securities involves various risks and uncertainties, as well as the potential for loss. High yield bonds are lower rated bonds and involve a greater degree of risk versus investment grade bonds in return for the higher yield potential. As such, securities rated below investment grade generally entail greater credit, market, issuer, and liquidity risk than investment grade securities. Interest rate risk may also occur when interest rates rise. Past performance is not an indication or guarantee of future results. The index returns and other statistics are provided for purposes of comparison and information, however an investment cannot be made in an index.