The high-yield market widened out considerably last week amid continued global growth concerns and sustained outflows from the asset class, pushing the YTW on the Bank of America High-Yield Index out from 9.46% to 9.96%. High yield is opening higher today as commodities and equities rally, while treasuries are lower in early trading. Crude is trading higher this morning after Saudi Arabia and Russia agreed to fix production at January’s levels, the first meaningful step to bringing stabilization to oil prices. One new deal was announced this morning for Prestige Brands expected to price this afternoon, which would make it the first high-yield deal to price since last Monday.

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.