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Top Insights of the Week:
Ending 10/8/21

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 MEMPHIS-REF ranked on the Quote Volume list and Telefonica Europe increased 3.6% after announcing its collaboration with IBM 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 3.2% from $81.49 to $84.05 due to a recent surge in coal prices and increase in demand among the U.S., China, and Europe.

RIVERBED PIK 2ND LIEN TL is this week’s loser, down -5.8% from $70.58 to $66.50 as technology stocks continue to underperform other High Yield Bonds with outlook seeming to offer similar results.

Metals & Mining is this week’s top performing industry, up .16% following increased demand and surging prices primarily in China and India following floods which shut down mines and left energy companies scrambling.

Municipal Bond Market Summary

PUERTO RICO COMWLTH / REF-PUB IMPT-SER A-PSA is this week’s loser, down -3.53% from $94.89 to $91.54 as Puerto Rico’s House of Representatives says it won’t sign-off on a debt restructuring bill until FOMB agrees in writing to not touch public pensions or earmarks for municipalities.

LONG BEACH CA CCD-H ranked on the Quote Volume list this past week increasing from 6 to 42 quotes as Moody’s assigns a Aa2 rating due to district’s large and diverse assessed value that indicates further favorable growth. 

IG & HY Corporate Bond Summary

Coca-Cola (KO) increased 3.7% from $138.09 to $143.17 last week as investors seek to pour into more recession resistant investments with reliable growth given the current economic downturn. 

Austria Republic’s (RAGB) bonds decreased 4.4% from $96.58 to $92.89 last week following the European Central Bank’s decision to extend the phase of faster bond-buying through the fall following a spike in COVID cases across Europe.

Containers, Packaging, and Glass was the top performing industry last week with yields dropping 88 bps chiefly driven by a significant rise in demand for packaging across all industries.

Grupo Aeromexico (AERMEX) increased 11.6% from $78.65 to $87.75 last week after announcing restructuring plans with new equity and debt financing.

Kaisa Group Holdings (KAISAG) decreased 35.2% from $77.29 to $50.06 last week given growing investor fear on more defaults and price declines across property bonds.

Energy: Oil and Gas was the top performing industry last week as companies, policy makers and regulators continue to make more collaborations across the energy spectrum.

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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