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Bond Market News
The Week That Was (10 – 16 July, 2023)
July 17, 2023
US primary markets saw an increase in new deals last week, albeit at a relatively low volume to $5.2bn vs. $2.7bn a week prior. IG deals took the majority of volumes with $4.75bn in deals led by John Deere’s $1.5bn and MetLife’s $1bn issuances. The remainder was taken by unrated issuers. In North America, there were a total of 34 upgrades and 30 downgrades across the three major rating agencies last week. US IG bond funds saw $691mn in inflows for the week ended July 12, adding to the $1.6bn in inflows during the week prior. For the same period, HY funds saw $379mn in outflows, adding to the $283.4mn in outflows seen in the week prior. Separately, Bloomberg notes that high-yield ETFs alone have lost nearly 10% of their total AUM, this year while money market funds have seen a 9% increase indicating cash allocation in safe assets. High yield funds have overall lost over 2% of their AUM while IG funds on other hand have seen a 2% rise in AUM.
EU Corporate G3 issuances dropped to only $13.9bn vs. $22.3bn a week prior. Issuance volumes were led by KfW’s $bn deal followed by Credit Agricole’s €2bn and Caixabank’s €1.5bn two-tranchers each. Across the European region, there were 31 upgrades and 16 downgrades. The GCC dollar primary bond market saw $1.55bn in new deals after three consecutive weeks of no deals. ADIB raised $750mn via a PerpNC5.5 AT1 followed by ADCB’s $500mn deal. Across the Middle East/Africa region, there were 3 upgrades and 1 downgrade each across the major rating agencies. LatAm saw $868mn in new deals last week as compared to no new deals the week prior with Azul raising $800mn via a 5Y bond as part of its restructuring. The South American region saw 2 upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan rose slightly to $2.4bn vs. $1.2bn a week prior to it. Korea Hydro and CICC Hong Kong raised $500mn each followed by Hong Kong Land’s $400mn deal. In the APAC region, there were 10 upgrades and 12 downgrades each across the three rating agencies last week.
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