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Bond Market News
The Week That Was (17 – 23 July, 2023)
July 24, 2023
US primary markets saw a six-fold increase in new deals last week to $30.9bn after a lackluster $5.2bn a week prior. IG deals took the majority of volumes with $28.4bn in deals led by Wells Fargo’s $8.5bn two-part deal and Morgan Stanley’s $6.75bn four-part deal. HY issuers contributed to $2.4bn in volumes led by Coty’s $750mn issuance and Beacon Roofing’s $600mn deal. In North America, there were a total of 19 upgrades and 31 downgrades across the three major rating agencies last week. US IG bond funds saw $1.96bn in inflows for the week ended July 19, adding to the $2.3bn in inflows during the prior two weeks. For the same period, HY funds saw $2.22bn in inflows, reversing the $379mn in outflows seen in the week prior.
EU Corporate G3 issuances rose slightly to $18.9bn vs. $13.9bn a week prior. Issuance volumes were led by SocGen’s €2.5bn and DS Smith’s €1.5bn two-tranchers each. Across the European region, there were 15 upgrades and 17 downgrades. The GCC dollar primary bond market saw $2.1bn in new deals after $1.55bn in deals the week before that. Masdar and Almarai raised $750mn each alongside Dar-Al-Arkan’s $500mn issuance. Across the Middle East/Africa region, there was 1 upgrade and 5 downgrade each across the major rating agencies. LatAm saw $790mn in new deals last week as compared to $868mn in deals the week prior with Panama raising $700mn. The South American region saw 2 upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were a tad lower at $2.1bn vs. $2.4bn a week prior to it. Deal volumes were led by Shinhan Financial’s $500mn followed by Hanhwa Q Cells and Mirae Asset raising $400mn each. In the APAC region, there were 3 upgrades and 21 downgrades each across the three rating agencies last week.
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