- Junk bond issuance is likely to be the slowest May in six years, with only $15B pricing so far this month, Bloomberg's Gowri Gurumurthy reports.
- Supply in the May 1 to May 25 period, fell 40% from last year, and year-to-date supply at $94.4B is down 21% Y/Y.
- Issuance slowed on fewer acquisitions and LBOs, main drivers of debt supply, as more borrowers chose loans over high-yield bonds.
- Previously: Leveraged loan outperformance to continue - Goldman (March 6)
- ETFs: HYG, JNK, DHY, HIX, EAD, PHT, HYT, HYLD, JQC, ACP, ANGL, CIK, MCI, DSU, SJB, KIO, NHS, CIF, ARDC, IVH, GGM, AIF, MPV, FHY, PHF, JSD, VLT, HYLS, DHG, PCF, MHY, UJB, FALN, CJNK, HYIH, HYLB, HYXE, WFHY, HYDB, BSJP, HYUP, USHY