The high yield market opened with a soft tone yesterday, but strengthened into the afternoon as some buyers stepped back in to the market selectively. Last night after the close, EPFR reported outflows of $1.19 billion from US high yield funds for the week, the first weekly outflow in five weeks. Four deals priced yesterday totaling $2.65 billion in proceeds. Markets are opening better across the board this morning on light volume, which should be the theme of the day as many market participants prepare for the big storm hitting this afternoon.
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.