High yield continued to tightened yesterday as oil traded back up above $50 a barrel and equities held steady. The yield to worst on the Bank of America High Yield Index tightened 8bps to 5.80%.  The primary market was busy with eight deals pricing for $3.88b in proceeds, led by Six Flags (SIX) and Charter (CHTR). Lipper reported a modest outflow of $248m from mutual and exchange traded funds for the week ended 3/29, after estimating withdrawals of $675m earlier in the week. Overnight and into this morning, global stocks look poised to end a blockbuster quarter with a muted tone. Focus is now shifting towards Q2 and whether political developments in the US and Europe will cloud the brightening global economic outlook. High yield is opening flat to slightly higher and quiet.

The Bank of America Merrill Lynch US 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.