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Bond Market News
The Week That Was (2 – 8 December, 2024)
December 9, 2024
US primary market issuances more than doubled last week to $24.7bn vs. $10.7bn seen in the week prior to it. IG issuers took up $19.6bn of the total, led by CVS’ $3bn two-part deal, followed by Tapestry and Coterra Energy raising $1.5bn via dual-tranchers each. Last week saw $5.1bn in HY issuances from the region, led by Iron Mountain’s $1.2bn deal and UWM Holdings’ $800mn deal. In North America, there were a total of 31 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $2bn in inflows during the week ended December 4, adding to the $690mn of inflows seen during the week before that. HY funds witnessed net inflows of $429mn during the same period, reversing the $54mn outflow in the prior week.
EU Corporate G3 issuances were almost unchanged at $12.7bn in the prior week. Avolon’s $1.5bn two-trancher led the tables, followed by Commerzbank’s €1bn issuance and Santander’s $1bn issuance. The region saw 26 upgrades and 19 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw no new issuances, as compared to $1.5bn of issuances in the week prior it. In the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm saw $2.1bn in issuances last week vs. $294mn in new issuances during the week prior to it. Banco Santander Mexico’s $700mn deal led the table followed by Vista Energy Argentina’s $600mn issuance. The South American region saw no upgrades and 9 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan dropped to just $1.7bn vs. $2.5bn seen in the previous week, led by Bocom and Cixi State-Owned Asset’s $300mn issuances each. In the APAC region, there were 6 upgrades and 13 downgrades, across the three rating agencies last week.
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