Morning Commentary: High yield a touch firmer amid low liquidity; quiet pre-Labor Day week expected

By Paul A. Harris

Portland, Ore., Aug. 25 – The high-yield market was “perhaps a touch firmer” on Monday morning, according to a trader based on the East Coast of the United States.

Liquidity is extremely low and is expected to remain so throughout the week, sources said.

New issue activity forecasts for the post-Labor Day period continue to be robust, with some sources expecting a big first week of September, while others expect a more gradual ramp-up of primary market volume.

In any case, the September-October time-frame is expected to be extremely active in the new issue market, sources say.

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