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Bond Market News
The Week That Was (10 -16 June, 2024)
June 18, 2024
US primary market issuances dropped sharply last week, with new deals at only $7.7bn vs. $37.3bn seen a week before. IG issuers took up $4.8bn of the total led by GM Financial’s $2.5bn three-tranche and Penske Truck’s $700mn issuance. HY issuers accounted for $2.9bn of the volume with Crescent Energy’s $700mn issuance and Buckeye Partners’ $600mn deals leading the tables. In North America, there were a total of 36 upgrades and 35 downgrades across the three major rating agencies last week. US IG funds saw a $990mn inflow for the week ending June 12, adding to the $1.57bn inflow seen in the week before this. HY funds saw only $9.7mn in inflows during the same period, after investors added $1.2bn into junk bond funds a week prior.
EU Corporate G3 issuances recorded $24.9bn in new deals, lower than the $27.9bn seen in the week prior to it. The largest deals were led by Centre Hospitalier’s €3.84bn issuance and EDF’s €3bn three-trancher. The region saw 36 upgrades and 15 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $431mn in new deals last week after $805mn in new issuances a week prior to it, with Arada’s $400mn sukuk leading the table. In the Middle East/Africa region, there were 6 upgrades and 3 downgrades across the major rating agencies. LatAm saw no new deals last week, similar to the week prior to it. The South American region saw no upgrades and 1 downgrade across the rating agencies
G3 issuance volumes from APAC ex-Japan stood at $1.4bn vs. $3.4bn in the week prior to it. State-owned issuers led the tables, with Zhongyuan Zhencheng and Wuhan Urban Construction’s $500mn deals each, followed by Linyi Construction’s $300mn deal. In the APAC region, there were 5 upgrades and 17 downgrades across the three rating agencies last week.
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