The average bid of high-yield flow-name bonds rocketed 272 bps in today’s reading, to 101.33% of par, yielding 6.74%, from 98.61, yielding 7.86%, on Oct. 16, according to LCD. All 15 of the constituents notched big gains, with none less than one full point and many in the two-to-four-point context. In a snapback rally from the depths of October’s nosedive, the average posted its single largest gain in roughly three years, or since a gain of 332 bps for the observation of Sept. ...
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