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Bond Market News
The Week That Was (14 – 20 April, 2025)
April 21, 2025
US primary market issuances jumped to $34.9bn vs. $6.3bn in the previous week, thanks to bank issuances following their earnings announcements. IG issuers took up most of the issuances at $32.3bn, led by Morgan Stanley’s and Wells Fargo’s $8bn four-part deals each, JPMorgan’s and Goldman Sachs’ $6bn two and three-part deals respectively. HY issuances stood at $2.5bn with a sole deal by Venture Global. In North America, there were a total of 19 upgrades and 29 downgrades each, across the three major rating agencies last week. US IG funds saw $5.7bn in outflows during the week ended April 17, adding to the $6.1bn outflow seen during the week before that. US HY bond funds saw investors pull-out a net $1.6bn as compared to the previous week’s outflows of $9.63bn.
EU Corporate G3 issuances dropped sharply to just $4.9bn vs. $28bn in the prior week. BPCE’s €1.25bn led the tables, followed by Nederlandse Gasunie’s $750mn. The region saw 45 upgrades and 26 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $500mn in new issuances last week as compared to $95mn the week prior, with the only issuance coming from Mashreq Bank. In the Middle East/Africa region, there were 16 upgrades and 1 downgrade across the major rating agencies. LatAm saw $3.8bn in new issuances last week, compared to only $200mn in the week prior, with a sole two-tranche deal by Colombia. The South American region saw no upgrades, but 7 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region rose to $4.4bn vs. $1.88bn in the prior week. This was led by AgBank of China’s $800mn issuance, Woolworths Group’s €500mn deal and Fujian Zhanglong’s $500mn deal. In the APAC region, there were 15 upgrades and 5 downgrades each, across the three rating agencies last week.
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