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Bond Market News
The Week That Was (12 – 18 June, 2023)
June 19, 2023
US primary markets saw a sharp drop in new deals last week to just $7.7bn as compared to $33.4bn a week prior. Of this, IG deals accounted for $6.8bn led by United Airlines’ $1.32bn Class A passthrough notes and Cox Communications’ $1bn dual trancher. HY saw only $908mn in new deals with Fortrea Holdings and Calumet Specialty raising $570mn and $325mn respectively. In North America, there were a total of 37 upgrades and 26 downgrades across the three major rating agencies last week. US IG bond funds saw $4bn in inflows for the week ended June 14, the most since January, adding to the $539.4bn in inflows during the week prior. For the same period, HY funds saw $615.3mn in inflows adding to the $2.5bn in inflows seen in the week prior.
EU Corporate G3 issuance was also lower at $15.9bn vs. $45.1bn a week prior. Issuance volumes were led by Intesa Sanpaolo’s $2.75bn two-part deal and HSBC’s $2bn 11NC10 Tier 2 issuance. Across the European region, there were 56 upgrades and 23 downgrades. The GCC dollar primary bond market saw only $275mn in new deals led by QNB and Emirates NBD’s $150mn and $125mn deals each. This follows the $750mn in deals seen a week prior. Across the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm saw no new deals last week vs. $2.5bn in new issuances the week prior. The South American region saw 172 upgrades and 17 downgrades across the rating agencies – this was led by upward rating actions across banks and corporations in Brazil by S&P following its outlook upgrade on the sovereign.
G3 issuance volumes from APAC ex-Japan dropped to $1.25bn vs. $7.9bn a week prior to it. BOC New York raised $500mn followed by BOCOM’s $280mn two-trancher and Maybank’s $183mn issuance. In the APAC region, there were 5 upgrades and 8 downgrades each across the three rating agencies last week.
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