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Top Insights of the Week:
Ending 8/27/21

Top weekly insights from Solve Advisors’ Bank Loans, Municipal Bond, and Corporate Bond market summaries.

In this week’s market summaries, SolveQuotes composite data showed that malls continue to experience high volume of sales and PepsiCo decreased 3% from $104.85 to $101.61 last week after FritoLay recalls Wavy Lay’s Original Potato Chips. Read below for more weekly insights within the Bank Loan, Municipal Bond, and Corporate Bond markets.

Bank Loan Market Summary

PREIT ASSOCIATES EXIT 2ND LIEN TL is this week’s winner up 8.5% from $52.41 to $56.87 as malls continue to experience high volume of sales accredited to back-to-school shopping.

GTT COMMUNICATIONS EUR TL B is this week’s loser down -1.7% from $81.75 to $80.35 after extending their forbearance agreement in efforts to come to terms with bond holders and investors as company looks to reorganize.

Banking is this week’s top performing industry up .28% led by continued rise in fintech and digital banking searches with in person transactions being limited and less favorable to consumers due to pandemic.

Municipal Bond Market Summary

CALIFORNIA-B-BABS is this week’s winner, up 1.9% from $100.95 to $102.89 with California’s plans to sell various general-obligation bonds starting in November.

PA TPK COM TPK SER A is this week’s loser, down -2.16% from $144.82 to $141.69 with material shortages and inflation being primary causes.

PHILADELPHIA-A ranked on the Quote Volume list last week, increasing from 21 to 48 quotes as workers who went to the office in 10 of the largest U.S business districts fell 31.3% from pre-covid levels.

IG & HY Corporate Bond Summary

Barrick Gold Corp. increased 2.4% from $127.81 to $130.83 last week after joining industrywide efforts to decarbonize surface mining through large scale haul truck electrification.

PepsiCo decreased 3% from $104.85 to $101.61 last week after FritoLay recalls Wavy Lay’s Original Potato Chips citing undeclared milk ingredients, a known allergen.

The Aerospace & Defense industry was among the top performing industries last week with overall 5yr yields down 5 bps given positive industry outlook and growing investments by prominent vendors in the space.

PBF Holding Co. increased 26.5% from $51.83 to $65.56 last week after the company announced its plans to evaluate conversion of an idle hydrocracking unit into a renewable diesel fuel producing plant to mitigate RFS costs.

Evergrande Group decreased 10.6% from $47.77 to $42.72 last week as pressure mounts from Chinese authorities to resolve debt issues, and government bailout looks unlikely.

Consumer Services was a top performing industry last week with overall prices down 0.4% given the continued pace of expansion of consumer activity across geographies boosted by looser pandemic restrictions and higher vaccination rates.

To view the most recent Corporate Bond Market Summaries: Investment Grade or High Yield

If you’d like further color or analysis, please reach out to efeltkamp@solveadvisors.com

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