The high-yield market was flat and quiet Friday to end the week/open the new month, with the yield to worst on the Bank of America High-Yield Index closing wider by 1bp for the day at 8.40%. Oil prices are sitting at a one month low as hopes that the top exporters could reach an agreement to curb oversupply fades. We’re opening flat this morning along with equity/commodity markets, while the overall tone remains positive after Yellen’s comments last week suggesting any interest rate hike will be gradual and US economic data shows marginal improvement. No new deals are on the calendar as of this morning coming off the busiest week of the year for issuance.

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.