High yield continued its positive momentum last week, bolstered by stimulus hopes out of China and Europe, better US economic data, a 9.5% rebound in oil prices and the largest one week inflow to the asset class on record. The yield to worst on the Bank of America HY Index tightened from 9.16% at the start of the week to 8.59% on Friday. This morning we’re opening flat to slightly lower along with equities after the large rally over the past couple weeks. Treasuries are lower in early trading, while oil is bucking the trend trading higher again. No new issue have been announced yet today, the forward calendar is empty at the moment.

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.