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Bond Market News
The Week That Was (10 – 16 March, 2025)
March 17, 2025
US primary market issuances dropped by nearly a third to $24bn vs. $71.1bn in the previous week. IG issuers took up $19.4bn of the total, led by Amcor Flexibles’ $2.25bn three-trancher, followed by Stellantis’ $1.75bn two-trancher. HY issuances stood at $5.9bn with Spirit Loyalty’s $840mn issuance and PBF Holdings’ $800mn deal leading the tables. In North America, there were a total of 33 upgrades and 36 downgrades each, across the three major rating agencies last week. US IG funds saw $942mn in inflows during the week ended March 12, adding to the $2.6bn inflows seen during the week before that. US HY funds saw $569mn in outflows during the same period, reversing the $1.8bn in inflows seen during the week before that.
EU Corporate G3 issuances stood at $33.2bn vs. $17.5bn in the prior week. Intesa Sanpaolo’s €3bn issuance led the tables, followed by BAT Capital’s $2.5bn three-trancher. The region saw 28 upgrades and 24 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $685mn in new issuances last week as compared to $2.1bn the week prior. Aldar Investment’s $500mn deal and Emirates NBD’s $125mn issuance led the tables. In the Middle East/Africa region, there were 4 upgrades and 3 downgrades across the major rating agencies. LatAm saw $500mn in new issuances last week, compared to $133mn in the week prior with the largest issuance coming from AES Andes’ $400mn deal. Paraguay’s $600mn deal and Banco Bradesco’s $250mn issuance. The South American region saw 1 upgrade and 11 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region rose to $14.6bn vs. $8.8bn in the prior week. This was led by Rio Tinto’s $9bn eight-trancher, followed by DBS’s $2bn three-part deal and Hysan’s $750mn Perp issuance. In the APAC region, there were 3 upgrades and 6 downgrades each, across the three rating agencies last week.
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