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Bond Market News
The Week That Was (10 – 16 February, 2025)
February 17, 2025
US primary market issuances fell to $18.4bn vs. $45.6bn in the previous week. IG issuers took up $15.2bn of the total, led by Eli Lilly’s $6.5bn six-trancher followed by Union Pacific’s $2bn two-trancher issuance. HY issuances stood at $3.2bn with Snap’s $1.5bn issuance leading the tables, followed by Gen Digital’s $950mn issuance. In North America, there were a total of 28 upgrades and 27 downgrades each, across the three major rating agencies last week. US IG funds saw $3.8bn in inflows during the week ended February 12, adding to the $3.4bn inflows seen during the week before that. US HY funds saw $15.2mn in inflows during the same period, adding to the $838mn inflows seen during the week before that.
EU Corporate G3 issuances rose slightly to $37.1bn vs. $32.9bn in the prior week. LBBW’s ~$6bn multi-tranche issuance led the tables, followed by ING’s €2.75bn two-trancher. The region saw 16 upgrades and 11 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $3.7bn in new issuances last week as compared to $1.25bn in the week prior. Saudi Electricity’s $2.75bn two-trancher led the tables followed by Mubadala Investment’s $600mn issuance. In the Middle East/Africa region, there was 1 upgrade and no downgrades across the major rating agencies. LatAm saw no issuances last week compared to $4.9bn in the week prior. The South American region saw 3 upgrades and no downgrades across the rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $1.3bn vs. $1.69bn in the prior week. This was led by Greentown China’s $350mn deal, followed by Province of Hubei’s $300mn issuance. In the APAC region, there were 6 upgrades and 7 downgrades, across the three rating agencies last week.
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