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Bond Market News
The Week That Was (16 – 22 December, 2024)
December 23, 2024
US primary market issuances dropped sharply last week to just $2.4bn vs. $19.6bn seen in the week prior to it, going into the end of the year. IG issuers took up $644mn of the total, led by Pacific Life Global’s $300mn deal and Ford’s $250mn deal. Last week saw $1.6bn in HY issuances from the region, led by CommScope’s $1bn deal and Starwood Property’s $500mn issuance. In North America, there were a total of 23 upgrades and 57 downgrades each, across the three major rating agencies last week. US IG funds saw $750mn in inflows during the week ended December 18, adding to the $3.1bn of inflows seen during the week before that. HY funds witnessed net inflows of $750mn during the same period, adding to the $257mn inflow in the prior week.
EU Corporate G3 issuances stood at $11.5bn vs. $12.2bn in the prior week. Nordea Kiinnitysluottopankki’s €2.9bn issuance led the tables, followed by Banco BPI’s €1.8bn issuance and Sabadell’s €1.5bn deal. The region saw 40 upgrades and 130 downgrades, across the three major rating agencies. As a result of the French sovereign being downgraded earlier this month, a significant number of corporate and banking downgrades followed last week. The GCC dollar primary bond market saw $420mn in new issuances led by SNB and DPW’s $200mn issuances each, as compared to $269mn in new deals in the prior week. In the Middle East/Africa region, there were 4 upgrades and 5 downgrades across the major rating agencies. LatAm saw only $110mn in issuances last week led by Banco Safra’s $100mn deal vs. $420mn in new issuances during the week prior to it. The South American region saw 4 upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan fell to only $805mn vs. $5bn seen in the previous week, led by Chengdu Airport’s $250mn issuance, followed by Qingdao Jiaozhou’s $240mn and ASB Bank’s $200mn issuances each. In the APAC region, there were 12 upgrades and 3 downgrades, across the three rating agencies last week.
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