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Bond Market News
The Week That Was (02 June 2025 – 08 June 2025)
June 9, 2025
US primary market issuances stood at $36.3bn vs. $21bn in the previous week. IG issuers took up $27.4bn of the total, led by Rock Holdings‘ $4bn two-trancher and John Deere’s $2.1bn three-part issuance, followed by BNY Mellon, Delta Air and Motorola raising $2bn each. HY issuances stood at $6.5bn, led by IQVIA’s Holdings’ $2bn issuance and Atlas Ontario’s $1.05bn deal. In North America, there were a total of 34 upgrades and 70 downgrades each, across the three major rating agencies last week. US IG funds saw $4.1bn in inflows during the week ended June 4, adding to the $1.8bn inflow seen during the week before that. US HY bond funds saw investors pour-in $1.5bn, adding to the $243mn inflows in the prior week.
EU Corporate G3 issuances rose to $44.9bn vs. $30.3bn in the prior week. Rabobank raised €4bn via a dual-trancher, followed by BBVA’s €3.5bn two-part deal and UniCredit’s €2bn two-part issuance to lead the tables. The region saw 23 upgrades and 24 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw only $750mn in new issuances last week as compared to $7.7bn the week prior, with Qatar Islamic Bank being the sole issuer. In the Middle East/Africa region, there were 11 upgrades and 4 downgrades each across the major rating agencies. LatAm saw $3.9bn in new issuances last week, compared $120mn in the week prior, led by Brazil’s $2.75bn two-part deal and Gerdau’s $650mn issuance. The South American region saw 3 upgrades and 2 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $8.1bn vs. $6.7bn in the prior week. This was led by NAB raising $2.25bn, followed by Hong Kong SAR’s $2.1bn multi-currency deal, and Macquarie Group’s $1.75bn two-part deal. In the APAC region, there was 1 upgrade and 2 downgrades across the three rating agencies.
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