FYI: Along with the rally in equities that we have seen off the February lows, the rally in high-yield debt has been just as impressive. From the lows earlier this year, the Merrill Lynch High Yield Master II index of high-yield debt is up over 12% bringing its total return YTD up to 6.5%. With that rally, spreads have really narrowed falling from 887 bps over treasuries earlier this year to 632 as of Monday’s close.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/energy-driving-high-yield-spreads-narrower/
