This chart made by us at FxWirePro, in St. Louis Fed's economic dashboard shows how the U.S. high yield bonds have gotten along with the crude oil price (inverse scale). How many barrels of crude a dollar buys vs. Effective yield calculated by Bank of America Merrill Lynch (BofAML).

Since 2015, they had have shown a very high level of intimacy, Crude went down, the yield went up. Both recovered since February. 

However, recently these two, have diverged. the oil price edged lower but yields edged lower too. We wonder if the oil doesn't affect the financial position of the high yield companies anymore, the worst is over or is that the investors don't care? Just being crazy about the yield/return? And there will be no credit risk since the money printing is forever!!!