Markets are opening flat this morning as debate continues between the bulls and bears over the next direction after a big run to open this year. US high yield funds reported another outflow yesterday totaling $144 million, and the yield on the Bank of America High Yield Index continued to back up closing at 5.92%, 2bps wider on the day and now off 32bps since hitting a record low of 5.60% on Jan 15th. Five high yield deals priced yesterday between two new deals and three tack-on deals, totaling $1.2 billion. Only two deals on the calendar for today, but several more are being marketed for the next couple weeks and deals will continue to get done.
Although information and analysis contained herein has been obtained from sources Peritus I Asset Management, LLC believes to be reliable, its accuracy and completeness cannot be guaranteed. This report is for informational purposes only. Any recommendation made in this report may not be suitable for all investors. As with all investments, investing in high yield corporate bonds and loans and other fixed income, equity, and fund securities involves various risks and uncertainties, as well as the potential for loss. High yield bonds are lower rated bonds and involve a greater degree of risk versus investment grade bonds in return for the higher yield potential. As such, securities rated below investment grade generally entail greater credit, market, issuer, and liquidity risk than investment grade securities. Interest rate risk may also occur when interest rates rise. Past performance is not an indication or guarantee of future results. The index returns and other statistics are provided for purposes of comparison and information, however an investment cannot be made in an index.