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According to Merrill Lynch data, high yield corporate bond spreads tightened for the second day in a row today, and while that doesn't seem like much, it is the first time this month that spreads tightened for two consecutive days. The chart below shows the direction of high yield spreads since 1997 with spikes of 20% or more highlighted in red. With spreads widening by 90% (so far) since their lows on June 1st, this period ranks as the third most severe.
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