The corporate bond market continued to feel heavy last week as credit spreads leaked wider in the investment-grade market and were crushed in the high-yield market. The new issue market remained nearly nonexistent across both markets. Over the course of the week, the average spread of the Morningstar Corporate Bond Index widened 5 basis points to +184 bps over Treasuries and the Bank of America Merrill Lynch High Yield Master Index widened 68 basis points to end the week at +683.