Yields and spreads continued to push lower yesterday as the recent bid for high-yield paper remained intact as the asset class continued to see inflows and the primary calendar prices over $1 billion in new supply. For the day, the yield and spread on the Bank of America High-Yield Index tightened 9bps and 8bps, respectively, to fresh year to date lows of 8.31% and +674bps. Global  markets are heading lower this morning after the BOJ kept its policy unchanged overnight and Iran reiterated its intention to increase daily output to at least 4 million barrels per day, causing equities and commodities to selloff. High-yield is opening a little lower this morning in sympathy with worsening sentiment, while a  heavy earnings calendar is the focus with trading activity around credit specific news.

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.