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Bond Market News
The Week That Was ( 17 – 23 June, 2024)
June 24, 2024
US primary market issuances rose sharply last week, with new deals at $27.5bn vs. only $7.7bn seen a week before. IG issuers took up $25.1bn of the total led by Home Depot’s jumbo $10bn nine-trancher and Hyundai Capital’s $3.75bn five-tranche issuance. HY issuers accounted for $2.4bn of the volume with Masterbrand’s $700mn issuance, followed by Hertz’s and Blackstone’s $500mn deals each leading the tables. In North America, there were a total of 32 upgrades and 28 downgrades across the three major rating agencies last week. US IG funds saw a $433mn outflow for the week ending June 19, reversing some of the $960mn inflow seen in the week before this. HY funds saw $80.1mn in inflows, adding to the $13.8mn inflows seen a week prior.
EU Corporate G3 issuances recorded $15.2bn in new deals, lower than the $24.9bn seen in the week prior to it. The largest deals were led by Enel and Daimler raising $2bn each via a two and four-part deal respectively. The region saw 28 upgrades and 14 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $421mn in new deals last week, similar to the $431mn in new issuances a week prior to it, with QNB raising $250mn, followed by Damac Real Estate’s $125mn deal. In the Middle East/Africa region, there was 1 upgrade and no downgrade across the major rating agencies. LatAm saw $3.1bn in new deals last week after seeing no new deals during the week prior to it. This was led by Brazil’s $2bn sustainability issuance, followed by Bancolombia’s $800mn deal. The South American region saw 3 upgrades and 2 downgrade across the rating agencies
G3 issuance volumes from APAC ex-Japan stood at $7.1bn vs. $1.4bn in the week prior to it. Bank of China’s $1.24bn issuance across its entities led the tables, followed by KDB’s $1bn issuance, and BOCOM Hong Kong’s $950mn two-trancher. The region also saw other popular deals including Bank of East Asia and Continuum Energy’s $650mn issuances each, FWD’s $600mn issuance and UBS’s S$500mn PerpNC5.5 AT1 bond that priced at a yield of 5.6%. In the APAC region, there were 8 upgrades and 6 downgrades across the three rating agencies last week.
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