High Yield came back from summer vacation with a firm tone yesterday with spreads and yields at their tightest since mid-June of last year, amidst steady oil and modestly higher stocks. Issuance kicked off with four deals for ~$3b added to calendar, though nothing priced on the day. Overnight, EM gained with commodities as weak US economic data quelled speculation the Fed will raise interest rates this month. European equities also traded near their highest levels since April. High yield is opening with a firmer tone again this morning.

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.