Risk assets rallied on the back of the Fed statement this afternoon that helped ease fears of a rapid rate hike in the near term, emphasizing that hikes will be data dependent, and likely low and slow. High-yield traded better throughout the day picking up momentum in to the afternoon as better market sentiment post Fed brought buyers off the sideline. The yield and spread on the Bank of America High Yield Index tightened 4bps and 1bp respectively on the day to close at 6.38% and +485bps. Just one deal priced today, as primary volume remains slow, for $1.1 billion in supply. Tribune Media Company was the sole deal on the day bringing $1.1 billion in new debt at 5.875% to pay down existing debt under its senior secured term loan.

The Bank of America Merrill Lynch High Yield Index monitors the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.  Index data sourced from Bloomberg. BAML HY represents the index yield for the designated date, while return/change represent the index return for the period ending date. Yield referenced is the yield-to-worst and spread referenced is the spread-to-worst.