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Bond Market News
The Week That Was (16 June 2025 – 22 June 2025)
June 23, 2025
US primary market issuances jumped slightly to $20.7bn vs. $18.8bn in the previous week. IG issuers took up $14.3bn of the total, led by EOG Resources’ and Hyundai Motor’s $3.5bn issuance each, followed by United Health’s $3bn four-trancher deal. HY issuances stood at $7bn, led by Lumen Technologies’ $2bn issuance and Connect Holding’s $1.15bn two-part deal. In North America, there were a total of 34 upgrades and 41 downgrades each, across the three major rating agencies last week. US IG funds saw $929.6mn in inflows during the week ended June 18, adding to the $2.3bn inflow seen during the week before that. US HY bond funds saw $356.3mn of inflows, adding to the $1.1bn inflows in the prior week.
EU Corporate G3 issuances rose to $41.3bn vs. $34.8bn in the prior week, led by KKR & Co’s €3.3bn three-trancher, followed by LBBW’s €2.7bn nine-part deal. The region saw 29 upgrades and 31 downgrades each, across the three major rating agencies. Last week, the GCC dollar primary bond market saw just one deal of $1.25bn by Saudi National Bank compared to no issuances in the prior week. In the Middle East/Africa region, there were 10 upgrades and 2 downgrades across the major rating agencies. LatAm saw $900mn in new issuances last week, with a $500mn deal by America Movil and $400mn deal by Banco Marco SA compared to $500mn in issuances the prior week. The South American region saw 3 upgrades and 7 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $5.88bn vs. $7.5bn in the prior week. This was led by MTR Corp raising $3bn via a two-trancher, followed by Hanwha Life Insurance’s $1bn deal, and IBK’s $1bn two-tranche issuance. In the APAC region, there were 11 upgrades and 16 downgrades across the three rating agencies.
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