An ugly opening day of October for the equity markets put a damper on the good vibes this morning from high-yield bonds and kept the rally from fully developing on a day where the market felt like it wanted to go higher. High-yield issuers had a quiet open to the new month with just one add-on deal pricing for $150 million in proceeds given choppy equity conditions. High-yield did end the day in positive territory despite equity weakness with the yield on the Bank of America High-Yield Index tightened for the second straight day, after a streak of seven consecutive widening days, closing at 6.10%, 4bps tighter.

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.