It was a busy start to the week for the high-yield market with three deals pricing for Crestwood Midstream Partners ($700mm at a coupon of 6.25%), Masonite ($475mm at a coupon of 5.625%), and HealthSouth ($300mm at a coupon of 5.125%). All three deals were brought to refinance higher cost debt. Secondary prices continued to slide during today’s session as retail funds remain negative on rate hike fear. Despite increased volatility in the secondary market, the new issue pipeline remains full at over $10 billion in supply expected, and investors remain receptive to new deals.