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Bond Market News
The Week That Was (17 – 23 March, 2025)
March 24, 2025
US primary market issuances stood at $24.1bn in the previous week, broadly steady as compared to $24bn seen a week prior to it. IG issuers took up $19.1bn of the total, led by Citigroup’s $2.25bn deal, followed by Ford’s $2.1bn three-part deal and Oncor Electric’s $1.3bn two-trancher. HY issuances stood at $3.2bn with XPLR Infrastructure’s $1.75bn two-part deal and Sunoco’s $1bn issuance deal leading the tables. In North America, there were a total of 47 upgrades and 43 downgrades each, across the three major rating agencies last week. US IG funds saw $336mn in inflows during the week ended March 19, adding to the $943mn inflows seen during the week before that. US HY funds saw $1.1bn in inflows during the same period, reversing the $569mn in outflows seen during the week before that. CDS spreads across most regions are at their highest level this month, led by the sell-off in equity markets and dampening risk sentiment.
EU Corporate G3 issuances stood steady at $33.5bn vs. $33.2bn in the prior week. BMW’s $4bn and ING Groep’s $3.5bn four-tranchers each led the tables respectively, followed by DNB Boligkreditt’s €1.5bn issuance. The region saw 32 upgrades and 33 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $1.6bn in new issuances last week as compared to $685mn the week prior, led by Emirates Islamic Bank’s $750mn issuance and ABQ’s $500mn deal. In the Middle East/Africa region, there were 10 upgrades and 6 downgrades across the major rating agencies. LatAm saw $562mn in new issuances last week, compared to $500mn in the week prior with a solo issuance coming from Chile Electricity. The South American region saw 1 upgrade and 11 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $6.7bn vs. $14.6bn in the prior week. This was led by Greenko and Bangkok Bank’s $1bn deals each, followed by Bank Mandiri’s $800mn issuance. In the APAC region, there were 11 upgrades and 26 downgrades each, across the three rating agencies last week.
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