On the heels of an unusually quiet May, the junk bond market rallied late last week, offering banks that underwrite these bonds the faint hope of an active new-issue calendar.

After the release of employment data that signaled the economy has begun to slow, perhaps enough to spell an end soon to the Federal Reserve's monetary tightening, stock and bond markets, with high-yield included, rallied Friday. "If the high-yield market continues to rally, then [Friday's activities] could be meaningful, and you'll see new issuance," said Tom Haag, high-yield portfolio manager at Lutheran Brotherhood in Minneapolis.

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