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Over the month of June, the US Treasury curve tightened. The
table below summarizes weekly and monthly performance across the
curve, followed by a snapshot of the 30 year's performance in more
detail, sourced from our Price Viewer portal.
The 30-year yield started the month at 1.41%, it widened to
1.67% in early June, then tightened shortly after, finishing the
month unchanged.
Investment Grade Market Review
The table below summarizes weekly and monthly sector performance
across the iShares iBoxx $ Investment Grade Corporate Bond
ETF.
Best performing bonds within the Investment Grade
Market
The best performing iShares iBoxx $ Investment Grade Corporate
Bond ETF bonds in June are show in the table below.
These best performing bonds show the rebound in sectors heavily
hit by the Corona Virus, including REITs, airlines, and energy.
The screenshot below shows yield fluctuations of the Simon
Property Group, L.P. bond over the last 3 months.
Worst Performing bonds within the Investment Grade
Market
Below are the worst preforming iShares iBoxx $ Investment Grade
Corporate Bond ETF bonds of June.
3 of the 5 bonds on this list are Waste Management, Inc. bonds
issued to fund the $4.9 Billion acquisition of Advanced Disposal
announced in April 2019. These bonds dropped in late June due to
Waste Management's revised terms of acquisition. The merger was
pushed back due to the Corona Virus and the special mandatory
redemption provision of the bond requires the deal to close on or
prior to July 14, 2020, redemption price is equal to 101% of the
aggregate principle amount.
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