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Bond Market News
The Week That Was (03 – 09 June, 2024)
June 10, 2024
US primary market issuances jumped higher last week, with new deals at $37.3bn vs. $13.5bn seen a week before. IG issuers racked up $30.9bn of the total led by Citigroup’s $2.5bn issuance and Energy Transfer’s $2.5bn two-trancher. HY issuers accounted for $6.6bn of the volume with Acrisure’s $1.6bn two-tranche issuance, followed by $800mn deals from Olympus Water and Herc Holdings leading the tables. In North America, there were a total of 40 upgrades and 36 downgrades across the three major rating agencies last week. US IG funds saw a $1.57bn inflow for the week ending June 5, adding to the $387.1mn inflow seen in the week before this. HY funds saw $1.2bn in inflows during the same period, after investors took out $407.4mn from junk bond funds a week prior.
EU Corporate G3 issuances recorded $27.9bn in new deals, slightly higher than the $25.4bn seen in the week prior to it. The largest deals were led by UniCredit’s €2bn dual-trancher and Deutsche Bank’s €1.5bn Perp issuance. The region saw 33 upgrades and 46 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $805mn in new deals last week after $6.5bn in new issuances a week prior to it. This was led by Mashreqbank’s $500mn deal and Saudi National Bank’s $155mn two-tranche issuance. In the Middle East/Africa region, there were 4 upgrades and 2 downgrades across the major rating agencies. LatAm saw almost no new deals last week vs. $1.2bn a week prior it. The South American region saw 3 upgrades and 1 downgrade across the rating agencies
G3 issuance volumes from APAC ex-Japan stood at $3.4bn vs. $2.6bn in the week prior to it. NAB’s $2.5bn three-trancher and OCBC’s €500mn deal led the tables. In the APAC region, there were 9 upgrades and 5 downgrades across the three rating agencies last week.
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