Yields dropped and spreads tightened yesterday as oil rebounded and stocks traded flat on what was an overall quiet day for the markets. The yield-to-worst/spread on the Bank of America High-Yield Index tightened 10bps/7bps on the day to close at 5.88%/+394 bps vs YTD lows of 5.57% and +355bps at the start of this month. The primary market remains on the slow side with just two deals pricing WTD for $2 billion in proceeds. Despite the slow week, MTD issuance volume of $36.835 billion makes it the busiest month since April 2014. WTI closed the day at $49.51, up 2.36%. The US 10yr Treasury note closed at a yield of 2.38% vs 2.42% the prior day. This morning high yield continues to trade with a positive tone amid better oil and flat stocks and treasury markets. Several drive-by deals have been announced this morning with pricing expected this afternoon and tomorrow.