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Top Insights of the Week:
Ending 1/7/22

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 Consumer increased 1.2% as airline futures look promising due to new CDC guidelines and PA PASSFH increased 2.0%  following the announcement of a $350mill launch of the PA Homeowner Assistance Fund. Read below for more weekly insights within the Bank Loan, Municipal Bond, and Corporate Bond markets.

Bank Loan Market Summary

ELECTRONICS FOR IMAGING 2ND LIEN TL increased 4.4% from $90.73 to $94.70 after announcing that they are selling their Productivity Software Business as part of a company realignment that will prioritize investment towards their leading Inkjet business.

EXELA TL B decreased -5.1% from $82.00 to $77.84 as Fed indications suggest rate hikes and a more hawkish approach impacting confidence in high valuations of many tech companies.

Transportation: Consumer increased 1.2% as airline futures look promising due to new CDC quarantine guidelines coupled with a U.S. Department of Transportation Air Travel Consumer Report stating flights operated at 84% of pre-pandemic levels.

Municipal Bond Market Summary

PA PASSFH 1.65 10/01/2022 increased 2.0% from $98.62 to $100.63 following the announcement of a $350 million statewide launch of the Pennsylvania Homeowner Assistance Fund (PAHAF) to assist lower-income residents cope with costs resulting from the pandemic.

NJ RUTHGR 3.92 05/01/2119 decreased -5.2% from $119.30 to $113.12 as the university is set to require booster shots for all students and will begin the New Year in a remote format to cope with a surge in Covid-19 cases.

CA SDGWTR 4 05/01/2037 ranked on the Quote Volume list last week, increasing 530% as the southern portion of California continues to be gripped by drought resulting in further conservation restrictions.

IG & HY Corporate Bond Summary

Tsinghua Unigroup (6.5 1/31/2028) increased 6.2% from $64.07 to $68.07 last week after getting the green light for its debt restructuring from most firm creditors and shareholders.

The Republic of Slovenia (0.69 3/3/2081) decreased 7.7% from $80.37 to $74.21 last week after the country reported an outbreak of bird flu of the H5N1 type at a large poultry farm.

Media: Advertising, Printing & Publishing was one of the top performing industries last week with overall 5-year yields down 69 bps as digital printing technologies continue to displace conventional analogue processes. 

Nostrum Oil & Gas (8 7/25/2022) increased 37.4% from $18.50 to $25.42 last week after the company agreed to a financial restructuring of its unsecured notes.

Guangzhou R&F Properties (5.75 1/13/2022) decreased 24.8% from $43.38 to $32.61 last week along with other peer firms as Chinese property moguls steer toward using billions of their own cash to assist debt repayments.

Transportation: Consumer was one of the top performing industries last week with overall prices up 1.2% given Transit Authorities & other U.S. agencies are devising price cuts among other measures to lure back customers to pre-pandemic ridership levels. 

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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