High yield is opening unchanged this morning, coming off a tough week for the asset class that saw yields and spreads widen 21bps and 15bps, respectively, amid sustained outflows and continued weakness in the commodity space. Higher quality names were down about 1 point generically last week, while CCC/commodity related paper was down 3-5 points generically.  After reporting outflows for the week ending 8/5 totaling $1.2 billion and $1.7 the week prior, high-yield exchange traded and mutual funds opened the new tracking week with outflows of $528 and $610 million Thursday and Friday as the market continues to face redemptions. Corporate earnings will be the main driver of trading activity this week, while the market will continue to keep a close eye on commodity and rate activity. Primary activity remained on the quiet side last week with just $6.4 billion in new supply coming to market.

Daily fund flow information sourced from J.P. Morgan.