The high-yield market was little changed Thursday as issuance was on holiday and secondary trading activity was winding down. The yield to worst and spread on the Bank of America High-Yield Index continued to compress yesterday closing at 6.20%/+417bps, down 3bps/2bps on the day. Oil continued to trade higher yesterday closing at $52.95. This morning the market is opening with a strong tone on very light volume heading into the holiday weekend.

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.