High Yield Morning Update

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.

The Bank of America Merill 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.  Data sourced from Bloomberg.
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