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US primary market started the year with $34.4bn in new deals as IG issuers racked up $33.3bn of the total amount. IG deals were led by PacifiCorp’s $3.8bn four-part deal, followed by Ford Motor Credit, Hyundai Captial America and Toyota Motor Credit raising $2.5bn each via multi-tranchers. HY issuers accounted for just $750mn of issuance volume via two new deals from Global Partners ($450mn) and EnerSys ($300mn). In North America, there were a total of 10 upgrades and 9 downgrades across the three major rating agencies last week. US IG funds saw $1.64bn in inflows for the week ending January 3 while HY funds saw $438mn in outflows during the same period.
EU Corporate G3 issuances stood at a massive $67.3bn to begin the year, with banks dominating the issuance tables. The largest deal was by KfW that raised $9bn, followed by Lloyds that raised ~$4.35bn via a dual-currency issuance. Several other banks like NatWest, ING and Credit Agricole raised over $2.5bn each, while others like UBS, Lloyds, Barclays raised about $1-2bn via single or dual-currency issuances. The region saw 1 upgrade and 7 downgrades across the three major rating agencies. The GCC dollar primary bond market did not see any new deals. Across the Middle East/Africa region, there were no upgrades nor downgrades across the major rating agencies. LatAm saw $10.2bn in new deals in the first week of the new year with Mexico raising $7.5bn via a three-trancher, followed by BBVA Mexico and Bimbo Bakeries raising $900mn and $800mn each. The South American region saw no upgrades and nor downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $9.3bn last week, led by NAB’s $3.25bn four-part deal, followed by Indonesia’s $2.05bn and KEXIM’s $2bn three-tranchers each. In the APAC region, there was 1 upgrade and no downgrades across the three rating agencies last week.