The high yield market is opening flat this morning on very light volume headed in to the holiday weekend. Weekly fund flow data came in last night, showing less of an outflow that expected on strong flows in to actively managed funds offsetting some of the outflow from index-based ETFs. This is a shift we’ve talked about for a while now, and believe will continue to be the trend moving forward. For the week, AMG data reported outflows of $165 million, while EPFR reported outflows of $304 million. Three new deals came yesterday in a trio of drive-bys for proceeds of $875mm. We’re waiting on one deal to price this morning, after which the rest of the market will leave for the long weekend. This morning equities are flat, the HY19 Index is lower by 1/8 and high yield cash continues to trade with a firm tone.
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