In this week’s market summaries, SolveQuotes composite data showed that McDermott International’s Term Loan price increased 3.4% as McDermott delivered the largest subsea project and Port Authority of NY & NJ Consolidated bond 3.00% 10/01/2027 ranked at the top of the Quote Volume list. Read below for more weekly insights within the Bank Loan, Municipal Bond, and Corporate Bond markets.

Bank Loan Market Summary

McDermott International’s Term Loan price increased 3.4% from $48.11 to $49.75 as McDermott delivered the largest subsea project in the Asia Pacific, creating the first-ever pipe-in-pipe flowline for production in India. 

Envision Healthcare Holdings’ Payment-In-Kind Term Loan Tranche B price dropped 5.0% from $66.05 to $62.73 following a downgrade citing the company’s ongoing cash crunch and failure to hit a recent financial filing deadline. 

Loan prices in the Electricity sector increased by 0.84% last week as energy prices continue to rise, with some UK locations expecting to see doubled electricity bills in the coming year. 

View the most recent Bank Loan Market Summary

Municipal Bond Market Summary

Virgin Islands Public Finance Authority Revenue Bonds 5.00% 10/01/32 price increased 1.9% from $98.00 to $99.88 following the finalization of a plan to fund a retirement plan for the next 30 years after being at risk of insolvency.

Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue Refunding bond 2.673% 08/01/38 price decreased 5.6% from $89.89 to $84.89 as VIA prepares for the first Advanced Rapid Transit line after receiving a recommendation for only half the funding of half the project.

Port Authority of NY & NJ Consolidated bond 3.00% 10/01/2027 ranked at the top of the Quote Volume list last week after one (or more) customers unwound a $15 M position on the Street.

View the most recent Municipal Bond Market Summary

IG & HY Corporate Bond Summary

Sino-Ocean Group’s (Ticker: SINOLY) 4.75% 8/5/29 bond price increased 14% from $66.05 to $75.32 last week after the firm’s Beijing-based asset management arm set up a $600M special situations fund to invest in residential properties across key cities in China’s central coast and southern bay area.

Lilly’s (Ticker:LLY) 1.375% 9/14/61 EUR bond price decreased 9.8% from $76.79 to $69.28 last week after the Canadian Federal Court invalidated its tadalafil dosage patent in a series of ongoing lawsuits against the pharma company.

Transportation’s Cargo subindustry was one of the top performing industries last week with overall 5-year yields down 111 bps given emerging sustainability trends in freight and logistics.

Talen Energy Supply’s (Ticker: TLN) 6.5% 6/1/25 bond price increased 50.4% from $22.33 to $34.25 last week after securing $848M financing commitment to advance an energy transition strategy. The company is progressing on multiple projects to build out mining operations and digital asset infrastructure.

Ukraine’s 9.75% 11/1/28 bond price decreased 9.7% from $42.14 to $38.06 last week as Russia’s focused on attacking Ukrainian cities bordering its capital, Kyiv.

The Sovereign & Public Finance industry was a top performer last week with bond prices increasing 0.8% as most remaining COVID-19 restrictions are being lifted and communities continue to adjust.

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