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Bond Market News
The Week That Was (19 – 25 June, 2023)
June 26, 2023
US primary markets saw a rise in new deals last week to $17.7bn as compared to $7.7bn a week prior. Of this, IG deals accounted for $12bn led by Nasdaq’s $4.25bn five-trancher and Hyundai Capital’s $3bn four-trancher. HY saw $5.2bn in new deals with Civitas’ $2.7bn two-trancher and Windsor Holdings’ $800mn deal. In North America, there were a total of 31 upgrades and 34 downgrades across the three major rating agencies last week. US IG bond funds saw $2.17bn in inflows for the week ended June 21, adding to the $4bn in inflows during the week prior. For the same period, HY funds saw $265.2mn in inflows adding to the $615.3mn in inflows seen in the week prior.
EU Corporate G3 issuance was marginally higher at $17.1bn vs. $15.9bn a week prior. Issuance volumes were led by Barclays’ $1.5bn deal and SEB Group’s $1bn issuance. Across the European region, there were 21 upgrades and 30 downgrades. The GCC dollar primary bond market saw no new deals following $275mn in deals a week prior. Across the Middle East/Africa region, there were 4 upgrades and 8 downgrades across the major rating agencies. LatAm saw $1.1bn in new deals last week as compared to no new deals the week prior led by Cosan’s $550mn deal and Inversiones’ $500mn issuance. The South American region saw 3 upgrades and 2 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan rose to $2.1bn vs. $1.25bn a week prior to it. Bank of New Zealand raised €800mn followed by Chouzhou International’s $400mn deal and SK Broadband’s $300mn issuance. In the APAC region, there were 8 upgrades and 5 downgrades each across the three rating agencies last week.
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