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Top Insights of the Week:
Ending 9/24/21

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 Utilities Oil & Gas is this week’s top-performing industry and LOS ANGELES-A-REF ranked on the Muni Quote Volume list this past week. Read below for more weekly insights within the Bank Loan, Municipal Bond, and Corporate Bond markets.

Bank Loan Market Summary

PEABODY ENERGY TL B is this week’s winner, up 3.5% from $75.69 to $78.36 as the company’s strong performance continues, credited to surging coal prices.

GTT COMMUNICATIONS EUR TL B is this week’s loser, down -9.1% from $90.23 to $82.05 as they put together a plan to sell their infrastructure unit to pay off debt and begin the bankruptcy filing process.

Utilities Oil & Gas is this week’s top-performing industry, up .18% with petroleum prices skyrocketing leading to a new two-month high and shortages in European and Asian regions.

Municipal Bond Market Summary

CHICAGO IL TAXABLE-P is this week’s winner, up 3.35% from $126.40 to $130.63 as they announce a plan that would grant certain households $500/mo stipends, following similar relief to that provided under earlier in 2021.

LOS ANGELES-A-REF ranked on the Quote Volume list this past week, increasing from 11 to 58 quotes as California currently has the lowest COVID-19 case rate in the U.S with 95 new cases for every 100,000 people.

IG & HY Corporate Bond Summary

Peru’s sovereign bonds (PERU) increased 2.6% from $89.82 to $92.19 last week as central banks in developing nations take center stage in an extended rally in emerging markets given the Fed is in no hurry to raise interest rates.

Ado Properties (ADJGR) decreased 5% from $97.96 to $93.07 last week after a demonstration in central Berlin was held to demand a nationwide rent freeze two weeks ahead of national elections. This comes after Ado’s takeover merger with domestic peer Adler Real Estate.

Containers, Packaging, and Glass was the top performing industry last week with yields dropping 69 bps chiefly driven by a significant rise in demand for packaging across all industries.

Talen Energy Corp. (TLN) increased 7.64% from $49.97 to $55.02 last week after the passage of Pennsylvania’s digital infrastructure legislation which provides tax exemptions for data center investments.

Fantasia Holdings (FTHDGR) decreased 23% from $47.40 to $36.50 last week given growing investor angst about China’s real estate crackdown rippling through markets. The developer is relying on a government bailout from Chinese authorities to raise cash and resolve over $300 billion of bonds due in 2022.

The Business Services industry was the top performing industry with overall prices up 1.1% last week given the continued pace of expansion of business activity across the Eurozone 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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