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High yield issuance takes a break

After a record issuance year on 2021, the global #highyieldmarket is taking a pause, with the exception, somehow, of leveraged loans. Maybe that is the reason why credit spreads haven’t widen significantly more this year. There’s less supply for a market that still needs yield and that keeps the imbalance in favor of the bonds. The Ibox HY index is down 17% YTD, but a big part of that fall is due to duration, not spread s widening. That maybe the indicator the fed is watching to see if they can push rates a little bit higher to fight inflation.

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