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Bond Market News
The Week That Was (05 – 11 August, 2024)
August 12, 2024
US primary market issuances stood at $43.5bn last week vs. $35.9bn in the week prior to it. IG issuers took up $37.5bn of the total, led by Meta’s $10.5bn five-part deal and Coca Cola’s $3bn three-tranche deal. HY issuers accounted for $5.9bn of the volume with Lightning Power’s $1.5bn deal and Post Holdings’ $1.2bn deals each leading the tables. In North America, there were a total of 31 upgrades and 24 downgrades across the three major rating agencies last week. US IG funds saw $1.71bn of inflows for the week ending August 7, adding to inflows of $1.79bn in the week prior to it. HY funds saw $1.2bn in outflows, reversing the $1.92bn inflows seen in the two consecutive weeks before this.
EU Corporate G3 issuances dipped last week to $8.6bn vs. $13.6bn in the week prior to it. BMW’s $3.7bn six-part deal and VW Group of America’s $2bn two-part deal led the tables. The region saw 17 upgrades and downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw no new deals for a second straight week. In the Middle East/Africa region, there was 1 upgrade and 2 downgrades across the major rating agencies. LatAm also saw no issuances last week after $4.4bn in new deals a week prior to it. The South American region saw 2 upgrades and 6 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $1.4bn vs. $2.3bn in the week prior to it. Chinalco’s $650mn deal led the table, followed by Industrial Bank (Hong Kong’s) $500mn deal and Infrabuild Australia’s $200mn issuance. In the APAC region, there were 8 upgrades and 2 downgrades across the three rating agencies last week.
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