The US high-yield primary market appeared to shrug off market volatility late last week with many deals well received and trading well in secondary. One investor described the volatility as a "sticker shock" after a strong rally for the asset class that saw average US high-yield bond spreads hit post-crisis lows of 316bp over Treasuries earlier in the week. And the moves were not of the magnitude to suggest there was any panic, one investor said.
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