IG & HY Corporate Bond Summary
Peru’s sovereign bonds (PERU) increased 2.6% from $89.82 to $92.19 last week as central banks in developing nations take center stage in an extended rally in emerging markets given the Fed is in no hurry to raise interest rates.
Ado Properties (ADJGR) decreased 5% from $97.96 to $93.07 last week after a demonstration in central Berlin was held to demand a nationwide rent freeze two weeks ahead of national elections. This comes after Ado’s takeover merger with domestic peer Adler Real Estate.
Containers, Packaging, and Glass was the top performing industry last week with yields dropping 69 bps chiefly driven by a significant rise in demand for packaging across all industries.
Talen Energy Corp. (TLN) increased 7.64% from $49.97 to $55.02 last week after the passage of Pennsylvania’s digital infrastructure legislation which provides tax exemptions for data center investments.
Fantasia Holdings (FTHDGR) decreased 23% from $47.40 to $36.50 last week given growing investor angst about China’s real estate crackdown rippling through markets. The developer is relying on a government bailout from Chinese authorities to raise cash and resolve over $300 billion of bonds due in 2022.
The Business Services industry was the top performing industry with overall prices up 1.1% last week given the continued pace of expansion of business activity across the Eurozone boosted by looser pandemic restrictions and higher vaccination rates.
To view the most recent Corporate Bond Market Summaries: Investment Grade or High Yield