High yield was flat and quiet on Friday and is opening the pre-Labor Day week much of the same. No new-issues priced and there are none on the forward calendar until next week. Outflows for the week ending 8-23 continue from both high yield corporate bond and floating rate loan exchange traded and mutual funds to the tune of $1B and $377M, respectively.
The hurricane is driving up gas prices and bringing oil prices down, as refiners are not operating meaning they are not producing gas and not burning oil to do so. With the widespread flooding and what is expected to be nearly a week of heavy rain in the affected area, how does this impact food, restaurant, and retail outlets throughout the region? We believe this is why you pay an active manager, to ask questions and assess the impact.