This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
US primary markets continued to stay active, albeit with new deals dropping to $24.8bn vs. $45.9bn seen a week before this. IG issuers racked up $22bn in deals with Goldman Sachs’ $3bn two-part deal and Hyundai Capital America’s $1.7bn three-trancher leading the tables. HY issuers accounted for $2.7bn of the volume with Vital Energy’s $800mn deal and Starwood Property’s $500mn deals leading the tables. In North America, there were a total of 37 upgrades and 47 downgrades across the three major rating agencies last week. US IG funds saw $1.6bn in inflows for the week ending March 13, adding to the $4.2bn in inflows seen in the week before this. HY funds saw inflows of $289mn during the same period, adding to the inflows of $347mn seen a week prior.
EU Corporate G3 issuances recorded $41.7bn in new deals, about the same as the $42.9bn seen in the week prior to it. The largest deals were led by Santander’s $4bn four-part deal, Volkswagen’s $4bn five-trancher offering and ING Groep’s $3bn two-part deal. The region saw 83 upgrades and 19 downgrades across the three major rating agencies with 53% of the upgrades being those of Turkish institutions following the sovereign’s upgrade by Fitch to B+. The GCC dollar primary bond market saw $350mn in new deals with Saudi Electricity’s $200mn and Arabian Centres’ $100mn deals leading the tables, after seeing $1.5bn in deals a week prior to it. In the Middle East/Africa region, there were 11 upgrades and 4 downgrades each across the major rating agencies. LatAm saw $750mn in new deals after $1.3bn in deals a week ago. This was led by Banco Do Brasil’s solo 7Y issuance. The South American region saw 33 upgrades and 14 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at a strong $9.7bn last week, much higher the $3.9bn seen in the week prior to it with ANZ’s $4.75bn three-trancher leading the table, followed by NBN Co’s €1.3bn and Toyota Finance Australia’s €1bn dual-trancher issuances each. In the APAC region, there were 6 upgrades and downgrades each across the three rating agencies last week.