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Bond Market News
The Week That Was (11 – 18 December, 2023)
December 18, 2023
US primary market new deals dropped last week to $5.2bn vs. $27.2bn a week prior with IG issuers taking $1.2bn in deals led by Ally Finance’s $750mn and Vistra Operations’ $400mn issuances each. HY issuers saw $4bn in deals led by CHS’ $1bn deal, OneMain Finance’s $700mn deal and USI’s $620mn issuance.. In North America, there were a total of 26 upgrades and 36 downgrades across the three major rating agencies last week. US IG funds saw $549mn in outflows for the week ending December 13 after seeing $633.33mn in inflows a week prior to it. HY funds saw $759mn in inflows last week, adding to $2.05bn in inflows seen a week earlier to it.
EU Corporate G3 issuances fell to $7.7bn vs. $15.4bn with issuance volumes led by Siemens’ €750mn deal, followed by Banca Monte’s and CSOB’s €600mn deals. The region saw 46 upgrades and 21 downgrades across the three major rating agencies. The GCC dollar primary bond market saw no new deals after $150mn in deals a week prior to it. Across the Middle East/Africa region, there were 22 upgrades and 6 downgrades each across the major rating agencies. LatAm saw minimal deals for a second straight week. The South American region saw no upgrades and 5 downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan dropped further to $240mn vs. $962mn a week prior to it with a sole dual-tranche issuance by Bocom Leasing. In the APAC region, there were 23 upgrades and 4 downgrades each across the three rating agencies last week.
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