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Bond Market News
The Week That Was (13 – 19 January, 2025)
January 20, 2025
US primary market issuances jumped to $52.5bn vs. $34.5bn in the previous week. IG issuers took up $47.5bn of the total, led by the big banks following their earnings release. BofA’s $10bn five-part offering, JPMorgan and Morgan Stanley’s $8bn four-tranchers each and Wells Fargo’s $6bn three-trancher led the tables. HY issuances stood at $5bn with Clarios Global’s $1.4bn two-tranche issuance and Waste Pro’s $850mn deal leading the tables. In North America, there were a total of 28 upgrades and 49 downgrades each, across the three major rating agencies last week. US IG funds saw $592mn in inflows during the week ended January 15, adding to the $3.04bn inflows seen during the week before that. US HY funds saw $60mn in outflows during the same period, adding to the $34mn outflows seen during the week before that.
EU Corporate G3 issuances stood at $61.4bn vs. $70.7bn in the prior week. KfW’s $3bn issuance led the tables, followed by StanChart’s $2.5bn three-trancher and NRW Bank’s $1.5bn deal. The region saw 11 upgrades and 21 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $4.4bn in new issuances last week as compared to $15.4bn in the week prior, led by Al Rajhi’s $1.5bn and Bapco’s $1bn sukuk deals each. In the Middle East/Africa region, there were no upgrades nor downgrades across the major rating agencies. LatAm saw $2.6bn in new issuances last week vs. $12.7bn a week prior, led by El Puerto de Liverpool’s $1bn dual-trancher and Banco Bradesco’s $750mn issuance. The South American region saw 19 upgrades and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan saw $8.1bn in issuances last week vs. $20.3bn in the week prior. This was led by Vedanta’s $1.1bn two-trancher and CBA’s $1.5bn deal, followed by KEB Hana’s €500mn and Great Eastern’s $500mn issuances each. In the APAC region, there were 2 upgrades and 8 downgrades, across the three rating agencies last week.
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