March 13, 2020 / 3:23 PM / 22 days ago

U.S. high yield bonds recover slightly

NEW YORK (Reuters) - U.S. high-yield bonds recovered modestly Friday morning on hopes of a stimulus package after recording the worst losses in years the prior day.

The Markit high-yield credit-default swap index CDXHY5Y=MG - widely used as a gauge of sentiment about high-yield debt - saw its spread over safer Treasury debt fall from 672.5 basis points early Friday to 592.8 basis points at 9:30 am ET. That spread had risen to its highest since November 2011 on Thursday.

U.S. lawmakers and the White House neared agreement on a coronavirus economic aid package, House Speaker Nancy Pelosi said on Thursday, adding she hoped to announce a deal on Friday.

Reporting by Kate Duguid; Editing by Chizu Nomiyama

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