High-yield bonds are opening generically lower by 0.5-1 point this morning, while energy related bonds are generically off 3 points, after a firm start to yesterday’s session faded into the afternoon along with oil, and we finished unchanged on the day. The yield on the Bank of America High-Yield Index was flat at 9.43%, while the spread on the index tightened 1bp to +788bps. Exchange traded and mund flows remained negative Tuesday after the long weekend totaling just over 1 billion in outflows for the day. Global markets accrued steep losses overnight as sinking asset values continue to stoke fears about growth, crushing investor confidence. Oil is trading lower again this morning, now down 12 of 13 sessions so far this year for a total of 26%, while treasuries rally pushing the yield on the US 10-year note 6bps tighter to 1.99%.