High-yield was resilient yesterday, improving in the face of wavering stocks, falling crude and more outflows from retail funds. The yield to worst and spread on the Bank of America High-Yield Index tightened 4bps/2bps to 6.57%/+526 on the day. Issuance remained steady with two more deals pricing for $2.05 billion in proceeds, with both deals coming at the tight end of price talk, and heavily oversubscribed, reiterating the fact that the search for yield continues undeterred. WTI closed at a two-week low of $43.58, down 3% on the day. Overnight, the BOE held its interest rate at .25% while indicating the potential for another cut this year. It will be a busy data day today with reports on retail sales, producer prices, industrial production and initial jobless claims all due this morning. Markets are opening flat.

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.