High Yield Daily Update

High yield bonds are a touch weaker today on the back of the longer-dated Treasury yields rising.  Yesterday, the Bloomberg Barclays US High Yield Index was down 0.16%.*  Oil was down earlier this morning on a stronger US dollar, but has now reversed and is flat on the day as the IEA reported a bigger drawdown than estimated.

A healthy sign for the high yield market is that new-issues are picking up despite outflows from the high yield index-tracking ETF’s yesterday, as two more deals for $1.15B in proceeds priced yesterday and six more are on the forward calendar for this week.

Housing starts and permits were below estimates, could this be a reaction to higher interest rates?

* Bloomberg Barclays U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt (source Barclays Capital).
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