Junk bond yield jumps to 18-month high with surge in issuance

• The yield on the Bloomberg Barclays US jumped to the highest since December 2016 with surging issuance and fund outflows, Bloomberg reports.
• While yesterday was the busiest day of the year for high-yield issuance, June looks to be the slowest sixth month in five years.
• Wells Fargo cut 2018 issuance outlook to $175B from prior view $305B.
• Lipper reports outflow of $1.13B for week ended June 27.
• BB and single-B yields rose to 20-month highs and CCC yields closed at a three-week high yesterday.
• 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