Hi all,

I'm currently working on my master thesis on corporate bond spreads based on commodity price changes in 2022 as the main dependent variable. However, I am struggling to understand why my fixed effects and dummy variable are omitted.

The dataset is a panel data of 396 bonds with each 257 values for every trading day with the main dependent variable being gas/oil. I included a dummy variable for utility companies as my hypothesis assumes utility companies were hit worse during this period due to the commodity price volatility. As per my professors suggestion I also tried adding country fixed effects. However, now I seem to struggle to understand why the country fixed effects are omitted and why the utility dummy variable is also omitted if I use a fixed effects model, as this issue doesn't arise when I use a model without FE. I ran the regression based on their tickers (so they would be grouped).
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