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Bond Market News
The Week That Was (03 – 09 February, 2025)
February 10, 2025
US primary market issuances rose further to $45.6bn vs. $40.8bn in the previous week. IG issuers took up $39.4bn of the total, led by Foundry JV’s $6.1bn and IBM’s $4.75bn five-tranchers each, Pepsi’s $3.5bn four-trancher and BofA’s $2.5bn issuance. HY issuances stood at $5.5bn with PennyMac Services Financial’s $1bn two-part issuance leading the tables, followed by Cleveland-Cliffs’ $850mn issuance. In North America, there were a total of 25 upgrades and 19 downgrades each, across the three major rating agencies last week. US IG funds saw $3.4bn in inflows during the week ended February 5, adding to the $1.3bn inflows seen during the week before that. US HY funds saw $834mn in inflows during the same period, adding to the $195mn inflows seen during the week before that.
EU Corporate G3 issuances rose to $32.9bn vs. $18.6bn in the prior week. UBS’s $4.6bn multicurrency three-trancher led the tables, followed by KfW’s ~$4bn multicurrency two-trancher and BPCE’s €2bn two-part issuance. The region saw 25 upgrades and 16 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $1.25bn in new issuances last week as compared to $250mn in the week prior, with a sole issuance by Ma’aden raising $1.25bn via a two-part sukuk deal. In the Middle East/Africa region, there were no upgrades and 6 downgrades across the major rating agencies. LatAm saw $4.9bn in new issuances last week vs. $2.5bn a week prior, led by Saavi Energia’s $1.1bn issuance and Minera Mexico’s $1bn issuance. The South American region saw 27 upgrades and 1 downgrade across the rating agencies with a majority of the upgrades coming from Argentina.
G3 issuances from the APAC ex-Japan region stood at $1.69bn, after the week prior to it saw no issuances. This was led by Ausgrid Finance’s €500mn deal, followed by Pembroke Olive’s $500mn and Kepco’s $400mn issuances respectively. In the APAC region, there was 1 upgrade and no downgrades, across the three rating agencies last week.
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