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Bond Market News
The Week That Was (16- 22 Sep, 2024)
September 23, 2024
US primary market issuances dropped significantly to $16.3bn due to the FOMC meeting vs. $45.3bn in the week prior. IG issuers took up $7.8bn of the total, led by Labcorp Holding’s $2bn and Sonoco Product’s $1.8bn three-trancher deal each. Last week saw $8.4bn in HY issuances from the region, led by Goldman’s $2bn preference share deal followed by Royal Caribbean Cruises’ $1.5bn offering. In North America, there were a total of 49 upgrades and 25 downgrades across the three major rating agencies last week. US bond funds attracted inflows for a 16th straight week in the week ended September 18, with US IG funds seeing $1.86bn of inflows, adding to the $244.1mn the week prior. HY funds saw $1.74bn of inflows adding to the $682.3mn of inflows the previous week.
EU Corporate G3 issuances rose last week to $35.9bn vs. $28.7bn in the week prior. Novartis raised €3.3bn via a four-part offering, followed by HSBC’s €3bn two-trancher deal. The region saw 102 upgrades and 22 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw total issuance of $250mn compared to $1.1bn the previous week, attributable to Qatar Investment Authority’s $250mn two-trancher deal. In the Middle East/Africa region, there were 11 upgrades and no downgrades across the major rating agencies. LatAm saw $1.5bn in issuances last week vs $3.1bn in the prior week, led solely by CFE’s $1.5bn two-part offering. The South American region saw 2 upgrades and 4 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan fell sharply to $1.9bn vs. $5.5bn in the week prior to it. DBS Group’s $1.4bn covered deal led the table, followed by $200mn deal each by Chongqing Banan District and Xinchang Asset Investment Management. Besides these, Singapore’s OUE REIT raised S$180mn via a 7Y green deal. In the APAC region, there were 8 upgrades and 5 downgrades, across the three rating agencies last week.
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