The high-yield market was little changed yesterday despite weak equities and a 2.75% drop in oil while fund flows remained flat for the week. The yield and spread on the Bank of America High-Yield Index closed at 6.37%/+513bps, tighter by 2bps/1bp on the day and 3bps/2bps for the week. The primary market remains closed as summer slowly winds down with no new deals pricing since 8/19. WTI closed at $46.77 vs $48.10. This morning high-yield is opening unchanged and quiet with equity futures, treasuries and oil all trading slightly lower.

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.