The high-yield bond market continued to cool this week following an initial rush of business to start the year. Pro forma issuance of $5.3 billion is down from $6.7 billion last week. Despite the slower pace, 12 deals moved through market this week, versus 14 last week. At the midpoint of the month, February supply represents a significant pullback after $31.7 billion was placed in January, the most ever for that month.