High Yield Morning Update

The high-yield market eased Monday to open the new week as yields rose from three-year lows and spreads widened from the tightest level in 30-months with supply gaining momentum and stocks slowing down. The yield-to-worst/spread on the Bank of America High-Yield Index widened 4bps/6bps on the day to close at 5.69%/+366bps.  The primary market ramped up the pace yesterday with six new deals being added to the forward calendar and three deals pricing for $1.3 billion in proceeds. New issues came from across the ratings spectrum and use of proceeds were all for refinancing/repaying debt other than one acquisition. WTI closed little changed at $53.20. Markets are little changed this morning as focus remains on earnings and a robust new issue calendar.

The Bank of America Merrill Lynch US High Yield Index monitors the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.  Index data sourced from Bloomberg. Yield referenced is the yield-to-worst and spread referenced is the spread-to-worst.
This entry was posted in HY Updates. Bookmark the permalink.

Comments are closed.