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Bond Market News
The Week That Was (04 – 10 March, 2024)
March 11, 2024
US primary markets continued to stay active, with new deals at $45.9bn vs. $38.1bn seen a week before this. IG issuers racked up $36.7bn in deals with JPMorgan’s $2.5bn deal and Ford Motors’ $2.5bn dual-trancher leading the tables. HY issuers accounted for $8.1bn of the volume with United Rental’s $1.5bn deal and USA Compression Partners’ $1bn deals leading the tables. In North America, there were a total of 34 upgrades and 32 downgrades across the three major rating agencies last week. US IG funds saw $4.2bn in inflows for the week ending March 6, adding to the $1.96bn in inflows seen in the week before this. HY funds saw inflows of $347mn during the same period, reversing outflows of $448.8mn seen a week prior.
EU Corporate G3 issuances recorded $42.9bn in new deals, higher than the $37.4bn seen in the week prior to it. The largest deals were led by KfW’s $5bn issuance and Barclays that raised $4.5bn via a four-part offering. The region saw 27 upgrades and 16 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $1.5bn in new deals with Al Rajhi’s $1bn sukuk and Doha Finance’s $500mn deal leading the tables, after seeing $5.3bn in deals a week prior to it. In the Middle East/Africa region, there were 8 upgrades and 3 downgrades each across the major rating agencies. LatAm saw $1.3bn in new deals after $1.8bn in deals a week ago. This was led by AES Andes’ $500mn and Bimbo Bakeries’ $450mn deals. The South American region saw 3 upgrades and 9 downgrade across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $3.9bn last week, slightly higher than the $3.1bn seen in the week prior to it with CBA’s $1.25bn issuance, TransUrban’s €1bn two-part deal and Bank of East Asia’s $1bn two-tranchers leading the tables. In the APAC region, there were 13 upgrades and 12 downgrades across the three rating agencies last week.
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