High yield widen out last week on the back of sliding oil prices and lower equities. The yield to worst on the Bank of America High Yield Index closed at 6.18% vs 5.98% the previous Friday. Primary issuance picked up with ten deals for $6.995b pricing while flows into retails fund continued to be minimal. Overnight and this morning energy prices are leading markets lower after the world’s biggest crude producers failed to agree to supply cuts at a meeting in Vienna. High yield is opening generically down 1/4 of a point out of the gates 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.