High-yield was better Tuesday as stocks rallied for only the second time in the past ten sessions and oil rebounded following a disruption in the Libyan pipeline easing supply. The yield-to-worst/spread on the Bank of America High tightened 8bps/11bps on the day to close at 5.98%/+401 bps. Issuance remained on the sideline as several deals try to grow their books amid investor concern and push-back on structure. WTI closed at $48.37, up 1.34%. The US 10-year Treasury note close at 2.42% versus 2.38% the prior day. This morning markets are little changed with equities opening slightly lower, treasuries moving higher and oil extending yesterday’s gains. High-yield is opening flat to up 1/8 of a point generically on the move in oil pricing. One new deal is expected to price this afternoon for Ascent Resources.

The Bank of America Merrill Lynch US 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.