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Bond Market News
The Week That Was (17 – 23 February, 2025)
February 24, 2025
US primary market issuances jumped to $41.5bn vs. $18.4bn in the previous week. IG issuers took up $38.8bn of the total, led by Cisco’s and Johnson & Johnson’s $5bn five-tranchers each, followed by Energy Transfer’s $3bn three-part issuance. HY issuances stood at $2.1bn with Carnival Corp’s $1bn issuance leading the tables, followed by Albertsons’ $600mn issuance and Amsted Industries’ $500mn deal. In North America, there were a total of 16 upgrades and 23 downgrades each, across the three major rating agencies last week. US IG funds saw $1.82bn in inflows during the week ended February 19, adding to the $3.8bn inflows seen during the week before that. US HY funds saw $1.21bn in inflows during the same period, adding to the $15.2mn in inflows seen during the week before that.
EU Corporate G3 issuances fell slightly to $31.9bn vs. $37.1bn in the prior week. Barclays’ $6.5bn four-tranche issuance led the tables, followed by ABN Amro’s €3bn three-trancher and Commerzbank’s €2.25bn two-trancher. The region saw 13 upgrades and 24 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $6.1bn in new issuances last week as compared to $3.7bn the week prior. Qatar’s $3bn two-trancher led the tables followed by Emirates NBD’s $1bn issuance. In the Middle East/Africa region, there was 1 upgrade and 8 downgrades across the major rating agencies. LatAm saw $6.6bn in new issuances last week compared to $4.9bn in the week prior, led by Brazil’s $2.5bn issuance and $1bn deals each by Itau Unibanco, Raizen Fuels and Dominican Republic. The South American region saw 3 upgrades and 12 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $7.6bn vs. $1.3bn in the prior week. This was led by BHP Billiton’s $3bn three-part deal, followed by CBA’s €1bn issuance. In the APAC region, there were 4 upgrades and downgrades each, across the three rating agencies last week.
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