High-yield is opening this morning with a softer tone on a combination of a busy new issue pipeline, weak equities and the 10yr Treasury bond backing up to 2.5%, while cash flows have been negligible this week, tracking at about -$100 million for the week. Two new issues priced yesterday for proceeds of $450 million pushing the September tally to $12 billion after a very slow August, and conditions remain attractive for issuers. Just two deals are expected for today’s pricing for $600 million, but the pipeline holds 16 deals being marketed to price over the coming days and weeks. The yield on the Bank of America High-Yield Index stands at 5.55% as of last night’s close.