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Bond Market News
The Week That Was (12 – 18 August, 2024)
August 19, 2024
US primary market issuances stood at $32.7bn last week vs. $43.5bn in the week prior to it. IG issuers took up $23.8bn of the total, led by Eli Lilly’s $5bn five-part deal and BofA’s $2.5bn deal. HY issuers accounted for $8.9bn of the volume with JetBlue’s $2bn deal and Prime Healthcare’s $1.5bn deals each leading the tables. In North America, there were a total of 24 upgrades and 43 downgrades across the three major rating agencies last week. US IG funds saw $1.1bn of inflows for the week ending August 14, adding to inflows of $1.57bn in the week prior to it. HY funds saw $1.2bn in outflows, adding to the $1.3bn outflows seen in the week before this.
EU Corporate G3 issuances dipped further last week to just $3.9bn vs. $8.6bn in the week prior to it. NatWest’s $1.75bn two-part deal and Mercedes Benz’s $500mn deal led the tables. The region saw 13 upgrades and 16 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw no new deals for a third straight week. In the Middle East/Africa region, there were 3 upgrades and 10 downgrades across the major rating agencies. LatAm also saw no issuances for a second consecutive week. The South American region saw 1 upgrade and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $2.1bn vs. $1.4bn in the week prior to it. Zhuji Development’s $520mn deal led the table, followed by NWS Holdings’ and ABC (DIFC Branch) $400mn deals each. In the APAC region, there were no upgrades and 6 downgrades across the three rating agencies last week.
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