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Top Insights of the Week:
Ending 3/18/22

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 . Read below for more weekly insights within the Bank Loan, Municipal Bond, and Corporate Bond markets.

Bank Loan Market Summary

AIR CANADA TL B increased 1.9% from $96.23 to $98.07 following an announcement by the federal government to remove pre-departure testing requirements for fully vaccinated travelers entering Canada starting in April.

ASSOCIATED ASPHALT PARTNERS TL B decreased -2.0% from $80.80 to $79.19 following a ratings downgrade to its CFR to Caa1 from B3. The downgrade is driven by high leverage and weak liquidity due to pressure stemming from volatile crude oil prices.

Transportation: Consumer increased 0.21% last week as airline ticket sales exceed pre-pandemic marks, signaling a promising outlook for the industry.

Municipal Bond Market Summary

PR PRCPWR 5.25 07/01/2033 increased 1.5% from $86.80 to $88.12 as Puerto Rico formally exits bankruptcy, providing a positive outlook for restructuring surrounding its highways and electric power company.

AR PULSCD 2.65 02/01/2040 decreased -6.0% from $97.89 to $92.00 following an ongoing discrimination and retaliation lawsuit between the school district and former superintendent.

IG & HY Corporate Bond Summary

Country Garden (4.2 2/6/2026) increased 22.5% from $50.27 to $61.58 reversing course from last week following Beijing’s call for more property industry support.

British American Tobacco (4.75 11/1/2042) decreased 12.0% from $97.39 to $85.71 as the company looks to transfer Russian business while navigating legal implications brought on by Russia.

Telecommunications was one of the top-performing industries last week with yields dropping 58 bps given a positive revenue growth outlook for the sector in upcoming quarters.

Cifi Holdings Group (6.45 11/7/2024) increased 20.8% from $54.39 to $65.67 alongside other developer groups following Beijing’s call for more property industry support.

Sunac (7.95 8/8/2022) decreased -29.1% from $48.13 to $34.11 following ratings downgrade from ‘BB-‘ to ‘B-‘  as a result of increasing uncertainty over the refinancing of the company’s onshore and offshore capital-market debt alongside falling contracted sales.

Sovereign & Public Finance increased 1.47% last week led by Russia following their $117 million interest payment to foreign bondholders averting default.

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

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  • NEWS ROOM

    Some Investors Are Still Paying High Prices for Munis – Originally published in The Wall Street Journal

    Some muni market investors are paying far more than others for the same bond on the same day, even after a 2018 rule improved the situation somewhat.

  • NEWS ROOM

    AI And The Municipal Bond Market: Solving The Pricing Problem – Originally published in Forbes

    Four fintech start-ups, using AI and data, are solving the pricing problem in the municipal bond market, upending entrenched incumbents along the way.