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Top Insights of the Week:
Ending 10/15/21

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

STEINHOFF FIN. HLDG GMBH PIK EUR TL A2 is this week’s winner, up 8.9% from $77.34 to $84.23 after receiving approval from the South African Reserve Bank’s Financial Surveillance Department for the final implementation of their global litigation settlement.

SINCLAIR BROADCAST GROUP INC. TL B is this week’s loser, down -4.3% after a ransomware incident disrupted its operational network.

Energy: Electricity is this week’s top-performing industry, up .17% as coal prices continue to surge as recovery from the pandemic and dropping temperatures drive demand for energy.

Municipal Bond Market Summary

PR GO RFDG-PUB IMPT- is this week’s winner, up 3.88% from $80.50 to $83.63 after Puerto Rico agrees to remove pension cuts previously included in the debt plan as they continue their bond restructuring process.

PORT AUTH OF NEW YORK ranked on the Quote Volume list this past week, increasing from 3 to 33 after the La Guardia AirTrain project is halted after complaints from residents have led to a review of the project’s tasks and timelines.

IG & HY Corporate Bond Summary

Telefonica Europe (TELEFO) increased 5.2% from $138.72 to $145.88 last week after announcing its collaboration with IBM to implement its first cloud-native 5G core network platform.

Shui On (SHUION) bonds decreased 4.7% from $96.71 to $92.17 last week and is one of many Chinese property developers to be impacted by the Evergrande’s market disruption.

The Business Services industry was the top performing industries with overall 5yr yields down 7 bps last week given the continued pace of expansion of business activity across the eurozone boosted by looser pandemic restrictions and higher vaccination rates.

Talen Energy Corp. (TLN) increased 9.5% from $48.48 to $53.07 last week after the passage of Pennsylvania’s digital infrastructure legislation which provides tax exemptions for data center investments.

Kaisa Group Holdings (KAISAG) decreased 44.2% from $67.84 to $37.86 last week given growing investor fear of more defaults and price declines across property bonds.

Utilities: Oil and Gas was the top performing industry this 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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