High Yield Morning Update

The high yield market traded higher on Friday despite Lipper reporting big outflows for high yield mutual and exchange traded funds for the week ending August 16th.  Only one new-issue priced on Friday and it looks like only one is on the docket, with that one said to already be 3x oversubscribed.  In the secondary market, high yield bonds are not all melting up like we have seen in recent history, as some credits are getting beaten up based on industry concerns or earnings misses.  We are seeing the market opening flat with the exception of the longer Treasuries, with the US 10-year Treasury touching 2.18%, as everyone is outside waiting for the eclipse.  Unfortunately we have June Gloom here in Santa Barbara so we won’t see the sun until late this morning.

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