High yield was modestly lower Monday after the long holiday weekend with continued outflows from the asset class, pushing the yield and spread on the Bank of America High-Yield Index 8bps and 2bps wider on the day to 8.14% and +640bps.  Of note, the year to date tight/wide from a yield to worst perspective on the index is 6.17% and 8.53%. This morning we’re opening better by 1/8 – ¼ of a point generically with equity futures higher this morning on a strong global session overnight. Treasuries and oil are both slightly lower at the open. No new issues priced yesterday and just one is on the calendar for today as issuance is expected to be light this month as the market looks forward to adjusting to higher rates and as we get closer to the Christmas holiday slowdown. 29 deals for $21.405 billion in proceeds printed during November.

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. Yield referenced is the yield-to-worst and spread referenced is the spread-to-worst.