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Bond Market News
The Week That Was (11 – 17 November 2024)
November 18, 2024
US primary market issuances jumped significantly last week to $31.6bn vs. $2.5bn seen in the week prior to it. IG issuers took up $1.7bn of the total, led by Gilead Sciences’ $3.5bn four-part deal, followed by Goldman Sachs’ and Citibanks’ $3bn issuances each. Last week saw $4.3bn in HY issuances from the region, led by Molina Healthcare’s $750mn deal and Ellucina’s $750mn deal. In North America, there were a total of 41 upgrades and 48 downgrades across the three major rating agencies last week. US IG funds saw $444.2mn in outflows during the week ended November 13, reversing the $3.3bn of inflows seen during the week before that. HY funds witnessed net inflows of $2.1bn during the same period, adding to the $455mn of inflows in the week prior to it.
EU Corporate G3 issuances jumped last week to $40.3bn vs. $11.1bn in the prior week. HSBC’s $6.5bn multi-tranche issuance led the tables, followed BNP Paribas’ $3.3bn two-part deal and TotalEnergies’ €2.5bn two-tranche deal. The region saw 41 upgrades and 31 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw no new deals for a second consecutive week. In the Middle East/Africa region, there were 7 upgrades and 2 downgrade across the major rating agencies. LatAm saw $2.5bn in issuances last week vs. no no new issuance in the week prior to it. Banco Mercantil del Notre’s $1.5bn two-trancher and El Salvador’s $1bn issuance led the tables. The South American region saw 14 upgrades and 1 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan more than tripled to $7.3bn vs. $2bn seen in the previous week, led by Westpac’s $3bn three-trancher, followed by China’s $2bn two-trancher and SP Group’s $700mn issuance. In the APAC region, there were 7 upgrades and 5 downgrades, across the three rating agencies last week.
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