High-yield was largely unchanged yesterday as investors take a break for the end of summer, with retail funds reporting small inflows for the week and light secondary trading volume. The yield to worst and spread on the Bank of America High-Yield Index finished the day wider by 2bps/1bps closing at 6.39%/+514bps. The summer lull in issuance is expected to remain in place until after Labor Day. WTI finished higher on the day amid reports of a possible agreement among OPEC and non-OPEC countries over a supply freeze next month. This morning we’re opening flat on very low volume ahead of Yellen’s speech at Jackson Hole at 10am ET.

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.