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Bond Market News
The Week That Was (08 – 14 April, 2024)
April 15, 2024
US primary markets were muted again last week, with new deals at $18bn, almost unchanged from a week before. IG issuers racked up $15.9bn of the total with Diamondback Energy’s $5.5bn five-trancher and RWE’s $2bn two-trancher leading the table. HY issuers accounted for $5.6bn of the volume with Transocean’s $1.8bn two-trancher, followed by Vistra Operations $1bn issuance, leading the tables. In North America, there were a total of 42 upgrades and 26 downgrades across the three major rating agencies last week. US IG funds saw inflows of $3.2bn for the week ending April 10, adding to the $4.26bn inflows seen the week before this. HY funds saw outflows of $476mn during the same period, adding to the outflows of $259.1mn seen a week prior.
EU Corporate G3 issuances recorded $28.1bn in new deals, higher than the $18.1bn seen in the week prior to it. The largest deals were led by Intesa Sanpaolo and Credit Agricole’s €2bn two-part deals each and UBS’ €1.5bn issuance. The region saw 21 upgrades and downgrades each across the three major rating agencies. The GCC dollar primary bond market saw no new deals last week vs. a marginal $125mn in issuances a week prior to it. In the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm saw $1.5bn in new deals after $2.9bn in deals a week ago. El Salvador’s $1bn issuance and Engie Energia’s $500mn issuance led the table. The South American region saw 2 upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $5.3bn vs. a meagre $115mn in the week prior to it. This was led by Westpac’s €1.5bn deal, followed by CDB’s ~$1.43bn two-tranche multicurrency deal and Melco’s $750mn issuance. In the APAC region, there were 2 upgrades and 16 downgrades across the three rating agencies last week.
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