High-yield was weaker on Tuesday driven mostly by the healthcare space after Valeant Pharma reported weak numbers, with bonds closing down anywhere from 9-11 points, dragging the rest of the sector with it. The yield and spread on the Bank of America High-Yield Index widened 10bps each to close the session at 8.41% and +684bps. Today we’re opening basically flat as all eyes turn to the FOMC rate decision set to be released at 11am EST.

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.