The high yield secondary bond market is opening up higher today, as the new-issue calendar continues to be light, forcing buyers into the secondary market.  Only eight deals for $3.685B in proceeds priced last week, the slowest week this month.  Given Memorial Day is a week away, we expect that this week will be much the same. Month-to-date issuance is only $14B versus a $34B average over the past four years in May.  Oil is higher on OPEC talk of extending the output curbs through 2018, but the shale drillers keep increasing output as they bring on more and more wells.  Default estimates in this industry are predicted to remain low.  Lipper reported an inflow of $649M in the week ended May 17th into high yield bond mutual and exchange traded funds after two weeks of outflows totaling $2.1B.  With the light new-issue calendar this pushes buyers into the secondary market as the new-issues that do come are often well oversubscribed and everyone is getting smaller allocations.