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Bond Market News
The Week That Was (18-25 November, 2024)
November 25, 2024
US primary market issuances dropped last week to $28.9bn vs. $31.6bn seen in the week prior to it. IG issuers took up $26.6bn of the total, led by AppLovin’s $3.55bn four-part deal, followed by Morgan Stanley and JPMorgan’s $3bn and $2.5bn issuances respectively. Last week saw $1.9bn in HY issuances from the region, led by Methanex’s $600mn deal and Select Medical’s $550mn deal. In North America, there were a total of 36 upgrades and 45 downgrades across the three major rating agencies last week. US IG funds saw $4.6bn of inflows during the week ended November 20, reversing the $444.2mn in outflows seen during the week before that. HY funds witnessed net inflows of $459mn during the same period, adding to the $2.1bn of inflows in the week prior to it.
EU Corporate G3 issuances fell last week to $28.1bn vs. $40.3bn in the prior week. Ares Capital’s $3bn issuance and Lloyds Group’s $3bn three-part deal led the tables, and Smurfit’s €2bn three-tranche deal. The region saw 57 upgrades and 25 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw a solo $500mn issuance by Emirates NBD after two consecutive weeks of no deals. In the Middle East/Africa region, there were 30 upgrades and 1 downgrade across the major rating agencies. LatAm saw $1.5bn in issuances last week vs. $2.5bn in new issuances during the week prior to it. Honduras’ $700mn issuance and Sitios’ $650mn deal led the tables. The South American region saw 1 upgrade and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan rose to $10.3bn vs. $7.3bn seen in the previous week, led by Indonesia’s $2.75bn via a three-part sukuk deal, followed by Alibaba’s $2.65bn three-trancher and CBA’s $2bn two-part deal. In the APAC region, there were 23 upgrades and 12 downgrades, across the three rating agencies last week.
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