High yield was unchanged to slightly higher yesterday on light volume. The yield to worst and spread on the Bank of America High-Yield Index tightened 3bps/1bp to 6.23%/+419bps, respectively. Primary issuance remained quiet and flows into high yield mutual and exchange traded funds were down a modest $180m WTD (reporting week Thurs to Wed), after the fourth largest recorded inflow of $3.75b last week. Overnight, the USD pushed higher and Treasuries extended declines after a flurry of data bolstered optimism in the US economy. Equities and commodities remained little changed.

The Bank of America Merrill 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.  Index data sourced from Bloomberg. Yield referenced is the yield-to-worst and spread referenced is the spread-to-worst.