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Bond Market News
The Week That Was (12 – 18 May, 2025)
May 19, 2025
US primary market issuances jumped to $39.9bn vs. $36.3bn in the previous week. IG issuers took up $27.2bn of the total, led by UPS’ $4bn four-trancher and US Bancorp’s $3bn three-part issuance. HY issuances stood at $9.4bn, led by Herc’s $2.75bn two-part issuance and TransDigm’s $2.65bn deal. In North America, there were a total of 52 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $1.9bn in inflows during the week ended May 14, reversing the $118mn outflow seen during the week before that. US HY bond funds saw investors pour-in $2.6bn, adding to the $1.6bn inflows in the prior week.
EU Corporate G3 issuances rose to $55.9bn vs. $36.6bn in the prior week. KfW raised €4bn followed by AB Inbev’s €3.25bn and BMW’s €2.5bn three-part issuances each. The region saw 46 upgrades and 29 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $3.1bn in new issuances last week as compared to $735mn the week prior, with Masdar’s $1bn two-tranche issuance leading the tables, followed by FAB’s $750mn deal. In the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm saw $2.1bn in new issuances last week, compared $3.5bn in the week prior, with a sole deal by Gol. The South American region saw 13 upgrades and 2 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan stood at $3.4bn vs. $3.5bn in the prior week. This was led by ICBC’s $1.3bn two-tranche issuance, followed by China Everbright’s $600mn deal and Korea’s $400mn issuance. In the APAC region, there were 14 upgrades and 11 downgrades across the three rating agencies.
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