High-yield was stronger Monday to open the new week, shrugging off tentative equity markets and uncertain oil as the search for yield continues amid expectations that the Fed will not hike rates until later this year, and that global central banks will continue to ease monetary conditions in their upcoming meetings in the face of weak global growth data. The yield to worst and spread on the Bank of America High-Yield Index tightened 2bps yesterday to close at 6.58%/+525bps, respectively. The new issue market remained active yesterday with four more deals for $1.4 billion added to an already busy calendar. One deal priced on the day for Sabine Pass, increasing the size of the offering and coming at the tight end of talk with orders of over $4 billion in the books for the $1.5 billion offering. WTI closed at $43.30, up 0.6%. The focus for the market will remain on new issue activity and the upcoming monetary policy decision from central banks around the globe.

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.