The high-yield market was softer Monday to start the new week amid tumbling equities and oil prices, while treasuries continued to move higher. The yield and spread on the Bank of America High Yield Index gapped wider, closing off 31bps and 41bps to 9.77% and +851bps. The spread on the BAML HY Energy Index hit an all-time high yesterday as oil prices remained under pressure and BK rumors surfaced about Chesapeake Energy, causing bond prices to crater. The spread on the Energy Index widened 113bps yesterday, the largest one day drop in over 13 years, closing at +1581bps.  This morning we’re opening lower again as investor sentiment remains decidedly risk off despite oil breaking a three-day losing streak. Safe haven treasuries continue to attract new money around the world with the Japanese 10-year yield dropping below zero for the first time ever and the US 10-year yield trading at its lowest level since last January.