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Smith's Research & Gradings
Volume: 
XXIX
Issue: 
3
Author: 
February 16, 2021

Smith's Research & Gradings

American Dreamers

American Dreamers

American Dream bondholders went on real roller coaster ride that rivals the mall's Nickelodeon Universe Theme park.
It started when the COVID-19 crisis shut down the American Dream mall from last March through August and prices plunged into the 80s the bonds.

Two weeks ago, the MSRB EMMA site featured a "failure to file notice".  Several analysts were quick to say, "It doesn't surprise me" and "I don't think we will hear good news."  Several waxed philosophical with lengthy descriptions of how COVID-19 has changed retail shopping
Yet the next day, American Dream filed an update (see below) that surprised almost everyone.  The American Dream mall showed positive traction starting in September and kept climbing through December.  The Grinch did not steal Christmas from American Dream.

Then, on February 9, the MSRB's EMMA website posted a trade with a customer selling the American Dream bonds at 106.657, or a 5.8% yield, and a customer buying a couple minutes later at 106.946, or a 5.75% yield.

"It was a $10 mln. block of bonds that traded around 3:30 (EST) in the afternoon," a source said. "The trade changed the evaluations and produce a 23% gain for American Dreamers."

Haters went wild after the news reported. Many suggested the trade was done between funds with a single family because of the timing. Others suggested it was a signal the municipal high yield bond market had hit a top.

Take notice

Stay on top of the latest global news that can impact your investment strategy.

A Farewell to Froehlich

Smith's Cadre of Affordable Housing Finance is sad to announce the passing of Richard Froehlich, First Executive Vice President and Chief Operating Officer of the New York City Housing Development Corporation.

KBRA: State Revenues Beating Predictions

Kroll Bond Rating Agency's (KBRA)review of state revenue was lead by Paul Kwiatkoski, Managing Director. The State revenue losses show the results may be much less severe than originally estimated.

Clean Energy Needs Reliability Requirement

Clean energy needs to include reliability requirement as new technology advances. Transformation of the energy mix used in electricity generation globally has been focused on development of renewable sources of energy such as wind and solar, but the major stumbling block has remained reliability.

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