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Bond Market News
The Week That Was (19 – 25 May, 2025)
May 26, 2025
US primary market issuances jumped to $26bn vs. $39.9bn in the previous week. IG issuers took up $18.6bn of the total, led by Citibank’s $4bn four-trancher and Mckesson Group’s $2bn three-part issuance. HY issuances stood at $7.3bn, led by CoreWeave’s $2bn issuance and Sabre Corp’s $1.33bn deal. In North America, there were a total of 54 upgrades and 86 downgrades each, across the three major rating agencies last week. US IG funds saw $1.5bn in inflows during the week ended May 21, adding to the $1.9bn inflow seen during the week before that. US HY bond funds saw investors pour-in $1.2bn, adding to the $2.6bn inflows in the prior week.
EU Corporate G3 issuances rose to $79bn vs. $55.9bn in the prior week. Novo Nordisk raised €8.7bn via a seven-trancher followed by Siemens’ €7bn six-part issuance to lead the tables. The region saw 52 upgrades and 48 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 $3.1bn the week prior, with Alinma Bank’s $1bn issuance leading the tables, followed by Al Rayan’s $500mn deal. In the Middle East/Africa region, there were 2 upgrades and downgrades each across the major rating agencies. LatAm saw $2.4bn in new issuances last week, compared $2.1bn in the week prior, with Telecom Argentina’s $1.6bn deal and Pluspetrol’s $450mn issuance leading the tables. The South American region saw 10 upgrades and 9 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan stood at $5.6bn vs. $3.4bn in the prior week. This was led by CCB’s $1.5bn two-tranche issuance, followed by China’s $700mn two-part deal and Korea Land & Housing’s $500mn issuance. In the APAC region, there were 13 upgrades and 17 downgrades across the three rating agencies.
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